O'Neill said: "Ashley has been fantastic for us. I'm pleased Gabby and John have signed new contracts and we've got a couple more players that we are looking to do exactly the same with - with Ashley Young being one of them.
"We are in conversation about that. I don't think the chairman (Randy Lerner) has any major problem about sorting out wages for people if they are doing the business week in and week out on the pitch.
"Agbonlahor has done that in my two seasons here, Carew has been terrific since being swapped with Milan Baros (at Lyon) and Young has been absolute class.
"It means he will get a new contract. Ashley hasn't come and asked for anything.
"He has got a number of years left to run on his contract but I'd like to sort him out and I am sure he is enjoying his football here which is great.
"If he continues to play in the fashion he is for us, who knows what might happen to him in the future but we would be delighted to keep him a bit longer."