The team announced the move Sunday on its Twitter account.
Young was signed earlier this month with the Nuggets missing several starters because of injuries. Forward Paul Millsap returned following a broken big toe in Saturday's win in Phoenix. Guard Will Barton (hip/core surgery) and guard Gary Harris (hip) are inching closer to a return as well.
The 33-year-old Young played in four games with Denver and averaged 2.3 points. Nuggets president of basketball operations Tim Connelly thanked Young for his contributions. Connelly says in a statement that Young "immediately fit in with our group and did everything that was asked of him."