Asensio has arrived on-loan, citing the presence of Villa manager Unai Emery as a key influence on his decision.
“I’m really happy to join Aston Villa,” he said.
“I’m looking forward to being able to contribute to this club, to add to this team with eagerness and with lots of excitement.”
Asensio added: “Unai is a coach that I’ve known for a while. He’s had a great career, he’s a top coach, he’s been key in me being able to come here because of his idea of how he wants to play football.
“I love it, it suits me perfectly and he’s a really important person as to why I’m here right now.”
On Villa's Champions League campaign, Asensio continued: “I’ve got experience in these types of games (Champions League).
“They are games that are decided based on small margins. And well, we’ll tackle (each game) in the best way, prepare to win those games, at home with the support of the fans always and I think we’ll be prepared when we get to that phase."
Asensio also said: “Lots of my team-mates have spoken about the Premier League, that it’s the best league in the world for a lot of reasons; because of the players, because of the fans, because of the competition, every game is very difficult, the level is very, very high.
“And well, it’s something incredible, being able to play in the Premier League. I’m looking forward to measuring myself against the best teams in the world every weekend and that’s something for a player like me. It’s an objective in my career and I’m pleased that I can achieve it now.”