Little was a player for a decade at Villa Park, winning one cap for England before injuries wrecked his career.
He then made a successful return to the club as manager between 1994 and 1998, leading them to the League Cup (in 1996) and twice achieving top-five finishes for the club, who have been part of the Premier League since it was formed in 1992.
Bernstein, 72, became chairman of the FA in 2011, a role he has also filled for Wembley Stadium Limited since 2008.
Villa are currently bottom of the Premier League, eights points clear of safety, ahead of Sunday’s home date with Tottenham Hotspur.
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“Steve Hollis has acted to bring in some much-needed football experience and knowledge into the boardroom.
“The club has slumped to the foot of the Premier League table after spending upwards of £50m last summer on players whose potential was never realised on the field for then manager Tim Sherwood and current boss Remi Garde.
“Little is fondly remembered at Villa Park, both as player and manager – he’s still the last manager to win a trophy, beating Manchester United to win the League Cup in 1996, so his input will be both invaluable and warmly greeted by the fans.
“David Bernstein is no stranger to being involved with a struggling big club, having been at Maine Road when Manchester City were in the third tier of English football. His involvement with Wembley and as chairman of the FA further underline his credentials as a football administrator of the highest calibre.
“The news is sure to be widely welcomed by the fans around Villa Park who have had very little to cheer about this season and marks a change in direction that can only work in Villa`s favour over the coming months.”