Young, who led the league in assists last season, hasn't played since he was injured in a 117-112 victory over the Brooklyn Nets on October 29.
"He continues to increase his reconditioning activities and is expected to return to practice next week," the Hawks said in their update on Young. "His status will be updated as appropriate."
Young, a 27-year-old four-time All-Star, was averaging 17.8 points and 7.8 assists per game when he was sidelined.
His return should provide a big boost for the 14-12 Hawks, who have lost four of their five games in December, including a blowout loss to the Detroit Pistons on Friday.
