A source said the Rangers would be paying at least half of Young's $16 million salary if the deal is done. Texas could receive some bullpen help or prospects if a deal is completed.
The Rangers expect Young to make a decision Saturday, according to a source, though there's not believed to be any kind of deadline.
But no deal can happen without Young's approval. He's played his entire career in Texas and has 10-5 rights (10 years in the majors, at least five with the same team), meaning he must sign off on any deal. It's unknown whether he'll do that.
Young, 36, could see his playing time reduced depending on how the Rangers' offseason progresses. If the club doesn't trade any of its infielders and decides to make Jurickson Profar an everyday player, that could shift Ian Kinsler to first base or the outfield, cutting into Young's at-bats.
Other potential moves could make Young even more of a bench player in 2013. He was the team's primary DH in 2012 and played a few games a week in the infield.
Young hit .277 with eight homers and 67 RBIs in 651 plate appearances in 2012. It was his lowest batting average since 2002, his first full season in the big leagues. The eight homers and his .682 OPS were career lows.
General manager Jon Daniels didn't comment on Young during his nightly media session on Wednesday, but did say it was a "possibility" that Young's playing time could be diminished.
The Phillies need a third baseman and Young was the club's starter at the position for two seasons before Adrian Beltre was signed prior to the 2011 campaign, which shifted Young to DH and super-utility infielder.
Young remains a clubhouse leader and a versatile player who has started games at every position in the infield. He's had at least 200 hits in six seasons, including five straight from 2003 to 2007. He also had 200 hits in 2011, when he hit .338, the highest batting average of his career. Young won the AL batting title in 2005 for the Rangers.
The story was first reported by the Dallas Morning News, which said that the clubs were in "advanced talks" about Young.
Information from ESPN.com senior writer Jayson Stark was used in this report.