The Toffees are expected to do business this summer as Sean Dyche looks to make sure another season of struggle in the Premier League is avoided.
Ellis Simms has been sold to Coventry City in a move which could eventually see Everton net £8m.
The club are also looking at incomings and former Aston Villa full-back Young, who is a free agent, is a player they want.
Talks have been held with the 37-year-old and they are continuing.
Nothing has been decided in terms of Young making the switch to Goodison Park, but Everton are keen on him.
Young would give Dyche an experienced option for next season and the player could be attracted to the idea of staying in the Premier League with Everton.
The former Aston Villa and Manchester United man will turn 38 years old later this month and it remains to be seen what other offers are on his table.
