The former Longhorn great will work out at Texas' pro day on March 26 along with UT's current pro prospects.
Sports Illustrated's Stewart Mandel broke the news, which he attributed to Texas coach Mack Brown, in a tweet Tuesday.
It's been known for some time that Young was back in Austin, taking classes and mentoring Texas' current quarterbacks. But this is the first indication that Young is contemplating a comeback.
The last time Young wore an NFL uniform was when he was cut from the Buffalo Bills near the end of training camp last year. He spent the 2011 season as a backup in Philadelphia and started three games for the Eagles.
Young was released by The Titans, the team that drafted him No. 3 overall in 2006, after the 2010 season.
After leading Texas to the 2005 national championship, Young had a promising and tumultuous pro career. Lately, he's made headlines because of financial difficulties, which may be the primary motive for a comeback.
However, with the arrival of Robert Griffin III, Colin Kaepernick and others, mobile quarterbacks are the new fad in the NFL. If the 29-year-old Young can show scouts he's still got something left in the tank, it could lead to the rebirth of his NFL career.