Young is enthusiastic about the future at Wasps following new ownership and the emergence of a raft of top young talent at the Club.
Young said: "It's an exciting time to be at Wasps and there's a real positivity here about the future and where we are headed. It's been great to have lots of players committing their own futures to Wasps in recent months with new contracts and I am happy to do likewise. New ownership under Derek Richardson has already had a positive impact and there's plenty to look forward to here."
London Wasps CEO Nick Eastwood added: "Dai has done a wonderful job in difficult circumstances over the past two seasons and we're delighted that he's signed a new contract. There's a lot of excitement about what the future holds at London Wasps and Dai is a crucial part of that."