The 28-year-old was out-of-contract at the end of the month but is expected to sign an extension on Wednesday, after pondering over the new terms of the deal.
Young made a late return to manager Sean O'Driscoll's side in February last season, following a year-and-a-half out with a serious knee injury and was hoping to get a longer-term deal with the South Coast club.
However, one of Bournemouth's longest-serving players will have until December to prove his fitness and earn himself an extended contract, as The Cherries look to bounce back to Division Two following relegation last season.
Young told the Bournemouth Daily Echo: "I was hoping for a bit more for security reasons but with my injury, I only played the last 11 games of the season and the club just want to see I am okay again.
"The way I feel about my knee, I feel I can prove to the club that it is okay. I know for a fact I can prove myself within six months.
"It was nice to play those 11 games but I wasn't fully fit. But I've had a rest through the summer and the knee's fine.
"There was interest from other clubs but I have been down here eight years, I've got a lot of friends here and the fans know me and know what I can do. I am settled."
O'Driscoll stated that if Young can return to the form he was showing before his injury, he will have a chance of a long-term deal.
The Cherries boss said: "Neil was probably playing the best football of his career before he got his injury and if he can get back to that, there's a clause in his contract that says we will review it with a view to extending it.
"It's not an idle promise, it's not something that's in there just to appease Neil, it's something the chairman and myself genuinely feel we would like to do.
"I would have liked to have given him a longer contract but common sense dictates that, I'm afraid, we're in a business where your head's got to rule your heart.
"It's not an ideal situation for both parties but hopefully come Christmas time we can look at it again and tie Neil up for a longer period of time and give him the security he wants.
"I think he deserves a longer contract and we'd like to keep him here for longer, he knows that."
