Rosenthal of FoxSports.com reports that Young, who is 37 and a free agent will retire rather than seek a team despite interest from a number of teams.
Young made his big league debut in 2000 for the Rangers and stayed with the club for 13 years, where he made six consecutive All Star Games between 2004 and 2009.
The infielder, used mainly as a short-stop had a career batting average of .300 with 185 home runs.
The LA Dodgers who traded for Young last year were reportedly interested in signing the veteran to be a back-up and club house presence.
Young clearly felt that he would prefer to retire to spend more time with his family than provide a bit-part role at a successful team.
Young made it to the World Series in 2010 and 2011 with the Rangers, losing on both occasions to the San Francisco Giants and St Louis Cardinals respectively.
He also made it to the NL Championship Series last year with the Dodgers, where they lost to the Cardinals. Young had three home runs and 19 RBIs in post season games.