The Primera outfit could move for the 22-year-old if they are unable to agree an extended loan deal with Internazionale for Francisco Farinos, who is at the club until the end of the season.
Villarreal have already enquired about Battaglia's availability after director Jose Manuel Llaneza flew to Argentina to meet Boca officials earlier this month.
Llaneza was principally negotiating the annulment of Gustavo Schelotto's contract with the Yellow Submarines, but also discussed Battaglia.
It has also been suggested that Villarreal could offer former Boca star Martin Palermo as part of any deal for Battaglia, as the hit-man does not now seem to figure in the plans of Benito Floro for next term.
Battaglia was recently called up by Argentina national team boss Marcelo Bielsa for the three recent friendlies against Honduras, Mexico and the USA.
