Young picked up a knee injury in the victory over Liverpool at Old Trafford a fortnight ago and Ferguson expected the England man to return for last weekend's draw at Tottenham.
The former Aston Villa man did not make it and there have been claims the injury is much more longer term that Ferguson first anticipated.
However, the United boss insisted Young is not far away from a return and will be fit to face Jose Mourinho's men.
"Ashley is not far away," said Ferguson.
"He has done a bit of training and he is on the road back."
Asked whether he would be fit for the Real Madrid games, Ferguson replied: "I am sure of that."