Young is currently 38 and is now the same age as David Moyes was when the latter took over as Everton manager many years ago.
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Young told talkSPORT: My contract runs out at the end of June, but I've spoken to the manager and we had a quick conversation about staying for another season. It's just now down to sorting out the final details to sort out for the next season."
On staying, Young said: Yeah I do. I'd love to play as long as possible, whether that's going to be a one-year deal or two-year deal.
Whatever everyone offered me, I'm always happy to sign a new contract. I enjoyed my time this season, being there with the players and staff, it's fantastic, a massive club and I'd love to go back and play another season there."