HITC Sports understands Wolves line up Swindon starlet.
Young has come through the ranks at Swindon and he turned down a move to Chelsea at the age of 12.
Young is regarded as one of the best young prospects in the country after breaking into the Swindon first-team last season at the age of 16.
The midfielder made three appearances for the Robins last season, including scoring in the win over Shrewsbury Town to become the club's third all-time youngest goal-scorer.
Young, who has gone on to make two appearances so far this term, was rewarded for his progress with a three-year professional contract in August.
The 17-year-old's emergence at the County Ground has brought him to the attention of clubs higher up the football pyramid who have been monitoring his development since last season.
Wolves are long-term admirers of Young having tried to sign the teenager in the summer, but they are now hoping to steal a march on their rivals by lining up a deal for the teenager in the January transfer window.