According to the Aston Villa official site

Martin O'Neill has confirmed a bid has been received for Luke Young and it appears that it has been accepted as Luke is mulling over the personal offer. whilst it does not say we have officially accepted the bid, you do not allow a player to speak to another club unless you are happy with a bid.

All but done except for the formalities.

O’Neill also confirmed the club have received an offer from an unnamed club for full-back Luke Young.

The former Tottenham, Charlton Athletic and Middlesbrough defender is currently mulling over the offer.

Should he reject the move, he will join up with Villa for the Guadiana Cup.

“There has been an offer from a football club, which Luke is mulling over and if it doesn’t materialize then he would also join us [in Portugal] because he needs to play some football soon,” said O’Neill. “We will see how that develops.”

The press, Guardian and Mirror indicating the unnamed club is Liverpool with a £2,75m offer, so at long last things appear to be moving.