Young, 29, had a career-year last season, averaging a team-high 17.9 points for a Lakers team that finished 27-55.
The 6-foot-6 Young is a Los Angeles native who played at USC. He had until Wednesday’s June 25th deadline to make a decision on his deal.
He had already made it clear he would not exercise the $1.2 million player option for next season and test free agency in hopes of landing a more lucrative, long-term deal. Young also expressed his desire to remain with the Lakers if possible.
"I always wanted to be a Laker and it will be a dream come true to still be here, but it's crazy," the seven-year veteran said in April. "You never know what happens. Last year they had a whole different team. It's obvious they're going to make some changes."
L.A. loaded its roster last season with players on one-year deals in hopes of clearing cap space for a potential free agency bonanza this summer. Should the Lakers fail to land any marquee, max-level players in the coming months, they could attempt to fill their team with one-year deals once again and save their money for the summer of 2015.
According to a league source, Young wants to be made “a priority” by the Lakers this summer, however, if he is to stay in L.A.
ESPN.com’s Jeff Goodman contributed to this report.