The Age reports Young, 26, toured the Magpies' headquarters on Monday after the Pies gave up on trying to package Wellingham with Chris Dawes in a super deal for Melbourne's fourth overall selection.
The move satisfies Wellingham's desire to move back to his home state after requesting a trade to the Eagles last week and leaves the Pies with picks 17 and 18 at November's NAB AFL Draft.
Trade Machine
Collingwood was reported to have been keen on snaring the Demons' No.4 pick with an eye on going after want-away Gold Coast midfielder Josh Caddy or WA youngster Jesse Hogan via the GWS mini-draft.
The Demons ultimately won the race for Hogan after dealing selections three and 13 to the Giants for the rights to the second pick in the mini-draft, Northern Territory midfielder Dom Barry and pick 20 in return.
With two first-round draft picks the Pies are still in a position to bid for the services of the young Sun, but Geelong's compensation selection - one of two it received for losing Gary Ablett to Gold Coast - is a more attractive option for the Suns, with the Cats reported to be the front runner for Caddy's signature.
Gillette AFL Trade Period hub
News of Wellingham's departure came through as Carlton reaffirmed its desire to remain a spectator during the trade period, having signed 26-year-old onballer Brock McLean and rookie Tom Bell to new deals while delisting defender Paul Bower.
McLean was headed for the exit at Visy Park after managing just 10 games in two years after Carlton gave pick 11 to Melbourne at the end of the 2009 season, but turned his fortunes around with a strong finish the year that culminated in a fourth-placed finish at the club's best and fairest count.
"Not so long ago Brock was playing good footy in the VFL and would get the call up, only to go back when we didn't play well," Blues football manager Andrew McKay told carltonfc.com.au.
"But his attitude never changed, he just kept on keeping on and in the end the coaches just had to pick him.
"He worked very hard, made the most of it, and to hear the cheer ring out from the crowd every time his name was called out at the [best and fairest] was fantastic."
Tuesday also saw former Western Bulldogs full-back Brian Lake unveiled at Hawthorn after his dramatic trade on the first day of the player exchange period.
The move may have a flow-on effect at the Hawks, however, with the Herald Sun reporting defenders Tom Murphy and Stephen Gilham could depart the club as a result.
Gilham is reported to be of interest to the Suns, who are also assessing their options with regard to out-of-contract North Melbourne forward Lachie Hansen, who is unhappy with the new deal put to him at Arden St.
Fremantle and the Giants are also said to be interested in luring Hansen away from the Kangaroos.
Hansen's teammate Hamish McIntosh is still waiting for news on his desired move to the Cats with his future likely to be decided once Caddy's destination is settled.
Another big man appears on the move with GWS ruckman Jonathan Giles unhappy with his contract offer after his breakout season and assessing a possible move to Adelaide.
West Coast and St Kilda remain at a stalemate over a proposed deal involving key defender Mitch Brown and Jamie Cripps, who are both attempting to engineer moves back to their home states.
The Saints are reported to be one of three clubs interested in signing Brown's Eagles teammate Koby Stevens, who is also keen to return to his home state.
Essendon's Scott Gumbleton continues to assess his options after being offered only a one-year deal by the Bombers.
Jason Phelan is a reporter with afl.com.au. Follow him on Twitter at @AFL_JasonPhelan.
