The Bulgarian midfielder has been training with Villa this summer after battling back from leukaemia, following his diagnosis in 2012.
Petrov initially retired from playing three years ago but was invited on Villa's pre-season trip to Austria with a view to impressing first-team coaches, although the club have now confirmed he will not make a return to on-field action.
Boss Roberto Di Matteo has, however, offered him an opportunity to remain at the club in a different, as yet unspecified, role.
Di Matteo told the club's official website: "Stiliyan is an inspiration to all of us.
"I have spoken to him and explained my thoughts and offered him the chance to remain at the club.
"Stiliyan is going to discuss this with his family before coming back to us."
Petrov, who made 219 appearances for Villa's senior team after joining from Celtic in 2006, trained with Villa's Under-21s last season.
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