Watkins has racked up an impressive 14 goals and six assists in the league this term and has reportedly emerged as a transfer target for Bayern Munich.
McGinn has enjoyed arguably his best season since joining from Hibernian, having been given the license to operate in a more advanced role.
Both players have been first-team regulars at Villa Park, making a combined 69 Premier League appearances from a possible 74.
Despite still having a little over two years left on their respective deals, Villa are looking to tie the pair down to long-term contracts to fend off interest from any potential suitors.
Having been named captain by former manager Steven Gerrard last August, McGinn is looking forward to leading his side back into European football for the first time in 12 years.
“I’ve enjoyed the responsibility (of being captain) and obviously the pressures that come along with it,” the 28-year-old told Villa TV earlier this month.
“When results go against you, you take more flack, you take it a lot more personally and it’s a lot harder to get over.
“When you’re winning, it feels nicer, it feels sweeter and it’s great to be a part of.
“Hopefully, I can be the man who can lead this club back into European football.”
Following a 1-1 draw against Liverpool last time out, Villa are seventh in the Premier League table, one point clear of Tottenham Hotspur heading into the final matchday.
A victory over Brighton & Hove Albion in their season finale on Sunday will see Unai Emery’s men confirm their place in the play-off phase of next season’s Europa Conference League.
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