Young has also rescinded his request for a trade. The move opens the door for rookie Elvis Andrus to play shortstop.
The Rangers asked Young to move to third base in December. He was initially opposed to the move and requested a trade. Now he said Wednesday afternoon that he is willing to make the switch.
"I was adamant about what I wanted to do," Young said. "Now it's time to put this behind us. My focus is on playing third base for the Rangers and being the best third baseman I can be."
Young has been the Rangers shortstop over the past five seasons. He has been an All-Star for all five seasons and won his first Gold Glove in 2008.