The 25-year-old, a £22million signing from Club Brugge in June 2019, spent last season at Internacional in his native Brazil and will play in Spain's Segunda Division for the 2022-23 campaign.
A statement on Villa's official website read: "Aston Villa can confirm Wesley has joined Levante UD on loan until the end of the season.
"The striker had previously been on loan at Internacional in his native Brazil, but will now spend the 2022/23 campaign with the Spanish side.
"Wesley joined Villa in the summer of 2019, scoring five Premier League goals before his season was cut short through injury.
"After a long spell on the sidelines, he spent time on loan at previous employers Club Brugge prior to his most recent stint in Brazil."
Gerrard, meanwhile, has told his players that his minimum target for the season is to be 'operating in the top half of the league'.
The former Rangers boss guided Villa to a 14th-placed finish in the Premier League last season - but is setting his sights higher for the new campaign, which kicks off at Bournemouth on Saturday, August 6.
Gerrard told the Express & Star: "I've always embraced pressure, that's why I went into management. I want to be at clubs that have internal targets. I want to be involved in an ambitious club.
"We want to finish as high as we can in the table. If that means we snatch a European place, fantastic, because we've got to reach for the stars, if course we have. But the minimum for me is we've got to be operating in the top half of the league."