The record was previously held by Band Aid's Do They Know It's Christmas? which sold 750,000 copies in December 1984. Young's record had sold some 800,000 copies.
Young's single has been outselling the second best selling CD of the week, Shakira's Whenever Wherever, by 12 to one, the biggest ever margin between the top two records. But the question everyone is asking is whether Will can stay at number one when Gareth Gates brings out his own single on 18 March ?
Gates was the runner-up in the ITV1 talent-search programme and the 17-year-old, who suffers from a stammer, is releasing his version of Unchained Melody.
Another Pop Idol star hoping to take some of Young's glory is Rik Waller. He made it into the final 10 of the show, but had to drop out due to a throat infection.
The 20-stone singer is releasing a version of the Dolly Parton/Whitney Houston hit I Will Always Love You on 4 March.
Industry insiders believe Young stands to make £5m within the next year through record sales, merchandising and endorsements. He also looks set to make his record company BMG, headed by Pop Idol's "Mr Nasty" Simon Cowell, more than £100m.
Young has been kept away from the spotlight this week as he has been recording his debut album in a secret location. The 22-year-old won ITV1's Pop Idol after he beat 10,000 hopefuls in the nationwide search, with more than 4.6 million votes.
