ESPN FC claim that their sources have been informed that the England international will put pen-to-paper on a three-year deal amid speculation that he could be sold this summer.
The extension could be finalised later this week.
Reports last week stated that Young was being courted by Liverpool, Newcastle United and Tottenham Hotspur, as a consequence of the Red Devils closing in on the signature of Barcelona winger Pedro Rodriguez.
Young’s contract expires next summer, and it seems that Louis van Gaal does not want to lose the 30-year-old for free in a year’s time.
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After emerging as a key player in van Gaal’s first season in Manchester, it would have come as a significant blow if just months later, he was considered surplus to requirements by the Dutchman.
Despite missing 11 games through injury last season, Young was handed 23 Premier League starts on the left wing.
Nonetheless, even if Pedro does not seal a move to Theatre of Dreams, he still faces competition from summer signing Memphis Depay.