"The club has been impressed by Scott's enthusiasm and application and we are doubly delighted that Roy Coyle has accepted the position of director of football.
"Roy will be a mentor and advisor to Scott while he continues his coaching education.
"We believe that the establishment of this great management team can lead to further success both on and off the field."
Young was appointed as interim manager after Alan McDonald quit the club in early March.
Coyle won three league titles before resigning as manager in 2006.
The Glens are anxious to avoid a repeat of the embarrassing situation in 2007 when Roy Walker was unable to manage the side because he did not hold the required Uefa qualifications.
Glentoran have been in contact with the Irish FA to confirm that Coyle's coaching qualifications will enable the club to compete in European competition.
Glentoran also see the vastly experienced Coyle as complementing the 32-year-old Young, who is in his first management job.
Coyle quit as Glens boss following a run of poor results and went on to manage Newry City.
In addition to the three titles, Glentoran also won four Irish Cups during Coyle's eight-year reign, plus five County Antrim Shield triumphs and three CIS League Cups.
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