Young, the longest serving regional coach in Wales having spent nine years with the Blues, has been heavily-linked with the Wasps job and it is understood the London club are hopeful of reaching an agreement with the 43-year-old over a three-year contract early next week.
But Young has a year left on his contract at Cardiff City Stadium and the Blues have responded to the speculation by releasing a statement that read: "We have had no approach from London Wasps regarding Cardiff Blues director of rugby David Young.
"David Young is still in contract at the Blues and has one year to run on that contract, which we expect him to honour."
Wasps have been without a full-time director of rugby since former Waikato boss Tony Hanks left the club in February in the midst of a disappointing season that saw them finish an eventual ninth in the Aviva Premiership table, missing out on Heineken Cup qualification.
Leon Holden was handed the reins until the end of the campaign on an interim basis and the club have been linked with a host of names, including Phil Greening, Neil Back, Dean Ryan and former Newport Gwent Dragons coach Paul Turner.
But they look to have set their sights on Young, although compensation is likely to have to be agreed for the move to go ahead.
The ex-Lions forward has guided the Blues to Amlin Challenge Cup and Anglo-Welsh Cup success during his tenure and recently coached the Barbarians to victories over England and Wales on their end-of-season tour.
The Blues also narrowly missed out on a place in the 2009 Heineken Cup final after suffering a heartbreaking penalty shoot-out defeat against Leicester at the Millennium Stadium.
Should Young complete the switch to Wasps he will join forces with Wales assistant coach Shaun Edwards, as well as former Blues fly-half Nicky Robinson who has made the move from Gloucester.
Young has previously spoken of his desire to coach his country when current incumbent Warren Gatland leaves the role, and a move to the Premiership would serve to broaden his experience and make him a more attractive proposition to the Welsh Rugby Union.
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