ESPN reports that the deal is worth $2.5 million. The outfielder made $7.25 million in 2014.
Young signed with the Yankees in August after being designated for assignment by the New York Mets after hitting .205 in 88 games. In 23 games with the Yankees, he hit .282 with three home runs, 10 RBI and eight doubles, including a walk-off three-run home run on Sept. 11.
The 31-year-old is expected to be New York's fourth outfielder in 2015, backing up Brett Gardner, Carlos Beltran and Jacoby Ellsbury.
Young spent the first seven years of his career with the Arizona Diamondbacks and was an All-Star in 2010. He has a career .234 batting average with 155 home runs and 486 RBI in nine seasons.
- Molly Geary