With his time as Wales's defence coach set to come to an end after the 2019 Rugby World Cup, Edwards had been expected to join Wigan Warriors for the 2020 Super League season.
However, the Wigan legend caused confusion after helping Wales to win the Grand Slam by saying his future was up in the air.
The Warriors were initially concerned by the reports but have since said they will not stand in Edwards's way given his deal with them was only "an oral agreement".
A return to Wasps, where he coached for 10 years from 2001, had been mooted, and director of rugby Young says there have been discussions.
"Shaun would be fantastic for us," he said after Wasps's 27-14 defeat to Gloucester.
"We have spoken to him and made our interest known in someone who is a big part of the club's history, but I know we are one of a number of options he has.
"I do not know where we stand and we will be talking to him when he is back from holiday."