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Young signed a professional contract at the County Ground on August 1 of this year, the day after he turned 17 years old.
The highly rated youngster made three appearances towards the back of last season, scoring one goal in the process - against Shrewsbury in a 3-0 win for Swindon.
He has been in the Swindon academy since the age of eight, and was touted by Premier League giants Chelsea when he was 12, but the Scotland U15 international snubbed a move to Stamford Bridge.
Wolves have a history of signing young Town players, as Will Randall swapped SN1 for Molineux in January 2016 for an undisclosed fee, but he is yet to make a senior appearance for the club.
Nathan Byrne, too, went from Swindon to Wolves in September of 2015 but failed to make a mark in the midlands and he has moved on to Wigan.
There has been no indication on how much Young would cost the club now managed by Paul Lambert.
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