Young, whose brother Darren was at Cappielow last season, boasts a wealth of experience after spells at the Dons, Dunfermline and Partick Thistle.
Ton are in need of cover in midfield with Michael Tidser sidelined for two months with a knee injury, and boss Allan Moore has turned to Young to bolster his squad.
Moore told the Tele: "With Michael Tidser out, we've not got a lot of cover in there if we pick up any more injuries.
"We know Tidser is probably not going to be back until the end of January and we need a bit of cover in there.
"We are still in the process of getting something sorted out, but I am hopeful of getting Derek in for Saturday.
"It is only going to be until January to see how he does - and if he does well he could get another contract.
"We are in a situation where if he does well for us then we will renegotiate a contract in January, and that might spur him on.
"We're hoping to get a deal done before the weekend and obviously that will give us a bit more experience in the middle of the park.
"Darren did a decent job when he was here, despite the injuries he had, and Derek has a lot of games under his belt with Aberdeen."
Moore, right, believes the former Pittodrie captain's experience will benefit his squad - with youthful pair Fouad Bachirou and Kevin McCann left to man the engine room against Hamilton on Saturday.
But with Young having just finished a short spell with Icelandic club Grindavik, Morton must await international clearance before the move can be finalised.
Moore said: "We need to see if we can get him international clearance as his last club was in Iceland.
"I thought wee Freddy and Kevin McCann did all right on Saturday but Derek would give us more experience than what we have just now.
"To be honest, his fitness levels are not quite as good as the rest of the boys, but I think his experience will carry him through."