Young joins from Welsh region Cardiff Blues and replaces Tony Hanks, who presided over Wasps' decline as a force in the Aviva Premiership.
The 43-year-old former Wales and Lions prop won the Amlin Challenge Cup and EDF Energy Cup and reached the semi-finals of the Heineken during his nine-year reign at the Blues.
"This is an enormous opportunity for me. I loved my time at Cardiff but I'm looking forward to a new experience in a new environment," said Young.
"There is a hugely talented group of players here to work with and the challenge to help a great club into a position where they are once again challenging for success was too good to turn down."
Gilbert has released a new line of rugby cleats. The Gilbert Virtuo 8S is part of the exciting new product. Check it out.
The entire All Blacks apparel line has been updated for 2013/14. Check out the New Zealand All Blacks polo.
The Nike Tiempo is a solid rugby cleat and one of few styles still made from full-grain natural leather.
The Gilbert Blitz 8S rugby cleat is a great cleat at a great price of $69.99. Get a new pair of cleats today.
A cool looking all black rugby cleat with the high performance adidas is known for. Get in the Gear!
Wear the crest of the British and Irish Lions on your t-shirt. A great look for the summer.
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The New Zealand All Blacks training jersey for 2013/14. Get in the Gear!
The USA Rugby Pro Alternate rugby jersey is perfect for any fan of the Eagles. Get yours to wear during the summer Test matches.
The NEW All Blacks 2013/14 jersey has arrived at World Rugby Shop. Dare to wear the colors of the All Blacks.