Young said: "It's great to see senior talented guys like this commit to the club for the years ahead. Tim Payne has shown a real appetite and hunger to continue his career at the highest level and I believe he remains one of the best loose-heads in the country. Hugo Southwell has been a real lynchpin at full back and his international experience is playing an important role in developing some of the younger talent we have in our back-line. These are the kind of quality players we want to keep at the club."
Wasps take on Biarritz in the quarter-final of the Amlin Challenge Cup at Adams Park on Saturday, 7 April (kick-off: 12.30pm).
Payne's deal takes him into his tenth season with London Wasps having joined back in 2003 and having made 238 appearances to date. The 22-times capped international prop has two Heineken Cup winners medals and has played in three Premiership finals with Wasps, winning all of them.
Southwell has been an assured presence at full back all season with his intelligent boot and excellent defence making him one of the first names on the team-sheet. He has made 21 appearances since joining from Stade Francais. Southwell has won 59 caps for Scotland.