Last summer's signing from Aston Villa scored eight goals for the Reds in his debut season including outstanding doubles against both Arsenal and Tottenham Hotspur.
Further evidence of Young's form was provided in Tuesday's post-season friendly - he netted twice in the Harry Gregg Testimonial - and he could be a key figure for England at Euro 2012 in his first major tournament.
"Ashley scored eight goals which is a good contribution in his first season here," said Sir Alex. "He has a goal in him. There's definitely a goal in that lad. He's a good finisher."
England boss Roy Hodgson has indicated that he only selected four strikers in his squad - even though Wayne Rooney is suspended for the first two games - because the likes of Young and Arsenal's Theo Walcott are able to play in more advanced roles.
Young has an excellent goalscoring record at international level with five strikes for his country since the start of 2011.