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If the talks are successful, it is believed he will move on loan initially with a view to a permanent transfer.
Vale boss Brian Horton has been interested in Ashcroft for quite a while and first tried to sign him at the end of August.
That was at the same time Latics successfully bid for Vale striker Stephen McPhee, only for the deal to collapse due to McPhee's wage demands.
Ashcroft has become something of a forgotten figure at Latics, with his appearances few and far between in the past year.
His last start in the first team came nearly 11 months ago in the 1-1 draw with Chesterfield.
Injury then kept him sidelined until February, and he was restricted to a substitutes' role after that.
This season he has been on the bench six times, getting on the pitch just the once against his former club West Brom in the Worthington Cup.
Ashcroft was signed by Bruce Rioch in August 2000 for a £300,000 fee from Grimsby, and will be out of contract at the end of this seaon.
Meanwhile, Matt Jackson believes lapses in concentration have cost Latics the chance to go clear at the top of the Second Division.
Late slips have seen both Cardiff and Peterborough escape from the JJB Stadium with a draw in the last two home league matches, much to the central defender's frustration. And he has stressed that if a promotion push is to be maintained, such mistakes have to be avoided at all costs.
Jackson said: "If you look back at the season already, we should be six or seven points clear at the top.
"We have frittered too many points away and that is something we are all disappointed about. Cardiff and Peterborough have managed draws, despite having only a few chances.
"We have to make sure we finish teams off when we have the chance in order to be successful. A win over Cardiff would have started us off nicely for the month."
Even though Latics have dropped points in their last two home fixtures, they are still handily placed in the table ahead of Saturday's trip to Plymouth.
They sit in third place, two points behind leaders Oldham and a single point worse off than Cardiff.
Latics' main fitness worry for the visit to Devon is midfielder Scott Green.
His groin injury forced him to miss the West Brom game last week, and although he returned to the starting line-up against Cardiff, he was substituted at half-time.
Green reported in for treatment at Christopher Park yesterday while the rest of the squad enjoyed a day off.
If he fails to recover in time, Gary Teale or Mike Flynn will step up from the bench.
Courtesy of Dave Seddon from the Wigan Evening Post