The pair has been expected to miss much of the rest of the season after Lathrope underwent groin surgery and Young injured knee ligaments.
"With a little bit of luck with both of them, we may well see them before the end of the month," Gulls boss Kevin Nicholson told BBC Sport.
"It's surprising for me and it changes a bit about how I plan going forward."
Nicholson continued: "(Torquay physio) Gareth Law's been doing great, they've been working very hard.
"They've got themselves in position now where they're slowly getting integrated into training with non-contact stuff and ball work."
But defender Giancarlo Gallifuoco has been ruled out for up to six weeks with a knee injury.
The 22-year-old Australian was hurt during the Gulls' 4-3 win over Forest Green Rovers on Boxing Day.
"It's sad for him, he's got the best attitude in football, he's a great lad, he just wants to learn and wants to get better," Nicholson added.
"This is just an experience for him to take in. It happens to all of us."
Torquay United midfielders Damon Lathrope and Luke Young could return to action before the end of January.