The American entrepreneur bought the club from long-time owner Doug Ellis in 2006 but is now looking to move on.
The future of the Villa owner had been in doubt throughout much of an acrimonious campaign, with the club finishing 15th in the Barclays Premier League and speculation persisting over the future of Paul Lambert as manager. Villa ended the season with a defeat against Tottenham Hotspur on Sunday.
A statement from Lerner read: "Several weeks back I said that I would clarify my future role with the club. I have come to know well that fates are fickle in English football. And I feel that I have pushed mine well past the limit."