Citing team sources, the outlets reported Young -- voted the Rangers' Player of the Year five times over 12 seasons with the club -- was dealt to the Phillies for right-handed reliever Josh Lindblom and minor-leaguer Lisalverto Bonilla.
The deal was confirmed when Rangers shortstop Elvis Andrus posted a Twitter message reading, "Super sad that our captain Michael Young is gone wish the best for him and his family," MLB.com said.
It reported the Rangers are expected to pick up as much as $10 million of Young's $16 million salary for next season.
The 25-year-old Lindblom had come to the Phillies in mid-season as part of a trade that sent outfielder Shane Victorino to the Los Angeles Dodgers. He posted a 3-5 record with a 3.55 ERA in 74 combined games.
Bonilla, 22, pitched for Class AA Reading in 2012.