Steve Bruce has identified striker Ulloa and utility man Amartey as his top targets for the January transfer window, according to the Telegraph.
The Villans boss is attempting to persuade Leicester into giving the go ahead to loan deals.
Bruce is unable to land permanent arrivals this month due to Financial Fair Play restrictions but has room in the budget for temporary captures.
A new target man is needed at Villa Park due to Jonathan Kodjia being sidelined by injury.
Ulloa, 31, fits the bill and could fancy a run of games after falling out of favour at the King Power Stadium.
The Telegraph claim Leicester want to include a permanent option in any loan arrangement for the Argentine.
Bruce fancies landing Ghana international Amartey due to his versatility.
The 23-year-old is capable of playing at right-back or in central midfield.
He is also on the fringes at Leicester, making just nine appearances this season.
Ulloa and Amartey both contributed to the Foxes’ stunning Premier League title win in 2016.
“We’ve got one or two things bubbling but I think it might be towards the end of January,” he said.
“It’s very, very difficult to loan players right now so another two or three weeks changes things. People buy players and some people become available.
“We’ll have to be a bit patient.”