The third round draw was made on Monday night and has presented Young's Everton side with a home clash against Peterborough United.
With the Toffees struggling in the Premier League, the FA Cup offers them a chance to deliver some success to their season.
However, the match at Goodison Park against Peterborough could be a very special occasion for the Young family.
Ashley's son Tyler is a midfielder for the League One outfit's U21 side, but has already made an appearance for the senior team.
The 18-year-old was formerly part of the Arsenal academy before he joined Queens Park Rangers, Milton Keynes Dons and then the Posh.
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The FA Cup could offer even more experience at the top level for the 18-year-old, potentially against his dad.
"WOW………. Dreams Might Come True," Ashley said on X moments after the third round draw was completed.
The FA Cup winner with Manchester United also added #GoosebumpsMoment and #YoungVsYoung in his excitable post.
Young previously spoke to talkSPORT about the possibility of the pair playing with or against each other on the football pitch.
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The 39-year-old remarked: "I'm hoping and praying that it could be in the next couple of years.
"To play alongside him or play against him would be unbelievable.
"Obviously to play alongside my son would be a dream come true. You see LeBron [James, with his son Bronny] in basketball.
"I've done my homework, it hasn't been done since 1980 I think, which is obviously a long time ago."
When asked by Gabby Agbonlahor if there will be any shoulder barging between father and so, he said: "There'll be plenty of that, don't worry about that.
"I'd pinch him or slap him over the head."
Young also joked that he'd ask Everton manager Sean Dyche to play him in central midfield rather than at left-back.
Everton are set to play Peterborough in their FA Cup clash between January 9 and 13.
Holders Manchester United will travel to their Premier League rivals Arsenal in the standout fixture of this season's third round.
Meanwhile non-league side Tamworth will be looking to cause a huge upset as they face Tottenham at home.