According to a statement released by The London 2012 Organising Committee of the Olympic Games and Paralympic Games (LOCOG), the Midlands club is considering major construction work at the site over the next few years, and as a result is unable to commit fully to hosting matches as part of the London 2012 Olympic football competition.
"It has been agreed with Aston Villa that because they are unable to make firm commitments to the project, the best course of action is for Villa Park to be withdrawn as an Olympic venue," said the statement.
"LOCOG is grateful to Aston Villa for its support to date, and is continuing with its planning in order to deliver a first-class Olympic football tournament. It is looking at options for replacing Villa Park."
The other football grounds hosting the preliminary football rounds include Hampden Park in Glasgow, the Millennium Stadium in Cardiff, Old Trafford in Manchester, St James's Park in Newcastle and Wembley Stadium in London.
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