Young picked up a knee problem in United's 2-1 win over Liverpool two weeks ago, and Ferguson has moved swiftly to deny claims that the England international's injury is worse than initially anticipated.
"Ashley is not far away," said Ferguson. "He has done a bit of training in Qatar and he is on the road back."
Asked whether the winger would be fit for the Real Madrid games in February and March, Ferguson replied: "I am sure of that."
The 27-year-old has been restricted to 15 league appearances this season after missing two months earlier in the campaign with a different knee injury.