Young picked up a knee injury in the victory over Liverpool at Old Trafford a fortnight ago.
"Ashley is not far away," said Ferguson.
"He has done a bit of training and he is on the road back."
Asked whether he would be fit for the Real Madrid games, Ferguson replied: "I am sure of that."
The Scot also confirmed Jonny Evans would miss the FA Cup tie with Fulham at Old Trafford on Saturday with a hamstring injury.
"It has taken a bit longer than we thought but he has done a bit of training too," said Ferguson.