Apple Daily Taiwan said the Hong Kong-based, Taiwanese star will have a simple wedding with Khoo Shao Tze, 43, at a five-star hotel.
Get the full story from The Straits Times.
The 39-year-old actress broke the news on Weibo today.
She wrote: "I have another happy announcement to share. I will be getting married to my other half!"
She added: "The both of us were separated for a period of time in different countries, but we always ecouraged each other to do our best in our careers.
"Like best friends, we were there to support and care for each other. Slowly we realised, our presence in each others' lives is like that of family.
"Hence we decided to take the next step in our relationship, and continue to learn from each other in life's journey. We are grateful."
Young also extended her gratitude to her supporters, and thanked them for their well-wishes.
But she also expressed her desire to keep her private life a low-key affair.
The couple have had an on-off relationship for 19 years, but reunited two years ago after eight years apart, Chinese media outlets reported.
Through the course of their relationship, they were also once business partners. Young quit her showbiz career to open an image consultancy firm based in Kuala Lumpur in the late 1990s.
The business folded and reportedly, so did their relationship. Young rejoined the entertainment industry in 2004, The New Paper reported.
According to Apple Daily, only a small group of 20 close friends are expected to fly in for the wedding this Saturday, Nov 2. These include celebrity pals like Gigi Leung, Julian Cheung and wife Anita Yuen, Aaron Kwok, Valen Hsu and Angelica Lee.
Young had directed Kwok in her directorial debut, Christmas Rose, last year.