The 36-year-old appeared on a list published by the Premier League website last week but it is understood discussions over a deal which would see him stay at Villa Park are ongoing.
Young has made more than 200 top flight appearances during two spells at Villa, 24 of those coming since he rejoined the club last summer after a decade in which he won titles at Manchester United and Inter Milan.
Boss Steven Gerrard, who played alongside Young for England, believes his former team-mate brings valuable experience and versatility to the squad. Young has previously made clear his desire to continue playing and the hope he could do that with Villa.
Gerrard has moved swiftly to strengthen his squad this summer with the signings of Philippe Coutinho, Boubacar Kamara, Diego Carlos and Robin Olsen.
Further attacking options have been scouted but there is no truth to reports Villa are looking to sell Danny Ings.
The 29-year-old scored just seven goals after joining in a £25million move from Southampton last summer but remains part of Gerrard’s plans.