The Opinion Of Judeo-Christian Scholars & Islamic Viewpoint
The Encyclopaedia Judaica says:

In the tale of binding (surah 37:99-110) Muhammad identified the son who was to be sacrificed as Ishmael and, indeed, the opinion of the traditionalists were also divided on this subject. It is related that a renowned traditionalist of Jewish origin, from the Qurayza tribe, and another Jewish scholar, who converted to Islam, told that Caliph Omar Ibn cAbd al-cAzîz (717-20) that the Jews were well informed that Ismail was the one who was bound, but that they concealed this out of jealousy. The Muslim legend also adds details of Hajar (Hagar), the mother of Ismail. After Abraham drove her and her son out, she wandered between the hills of al-Safa and al-Marwa (in the vicinity of Mecca) in search for water. At that time the waters of the spring Zemzem began to flow. Her acts became the basis for the hallowed custom of Muslims during the Hajj.[4]


The testimony of the former Jew as mentioned hadîth literature as quoted in the Encyclopaedia Judaica reads:


Another proof of our speech [i.e., that sacrificed was Ishmael(P)] is reported by Ibn Ishâq: "Muhammad Ibn Ka'b narrated that cUmar Ibn cAbd al-cAzîz sent for a man who had been a Jew then converted to Islam and showed signs of true Islam. [Before his conversion], he was one of their scholars [i.e., he was a Jewish scholar] So he [i.e., cUmar] asked him: which son did Abraham(P) sacrifice? He replied: 'It is Ishmael(P). By God, O Commander of the Believers, the Jews know that but they envy you - the Arabs.'[5]



The Oxford Companion To The Bible echoes the same position as the Encyclopaedia Judaica.


In Muslim tradition, the Arabs trace their ancestry back to Abraham through Ishmael. Because Ishmael was circumcised (Gen. 17:25), so are most Muslims. And, analogous to Paul's reversal of the figures of Isaac and Ishmael (Gal. 4:24-26), Muslim tradition makes Ishmael rather than Isaac the son Abraham was commanded to sacrifice.[6]


It is quite clear from the statement of Judeo-Christian scholars what the Muslim position is about the person who was sacrificed by Abraham(P).
Further Evidence From Hadîth Literature
The following says:

Some reports and traditions from the Companions and Followers state that the Sacrificed is Ishmael(P). Narrated by al-Hâkim in Al-Mustadrak, and Ibn Jarîr [at-Tabarî] in his commentary with its isnâd, and others that cAbdullâh Ibn Sacîd al-Sâbihy said: "We were at Mu'âwiyah's reception and the people started discussing [the story of] Ishmael and Isaac(P) and which one was the sacrificed. Some said Ishmael and some said Isaac(P). Mu'âwiyah said: I am the expert you need; We were at the Prophet's(P) when a bedouin came to him saying "O Prophet of God, I have left the pasture dry and the life hard, the children died and the wealth is gone, so give me [something] of what God has bestowed on you, O Son of the two sacrificed." The Prophet(P) smiled and did not blame/criticize what he said. The people asked: Who are the two sacrificed O Commander of the believers? He replied: When cAbdul Muttalib was ordered to dig Zamzam he vowed to sacrifice one of his sons if God helps him with his mission [i.e., Zamzam]. When he achieved the mission, he cast lots on his children, there were ten of them. The choice fell on cAbdullâh so he decided to sacrifice him but the child's uncles, Banu Makhzûm, opposed the sacrifice and said satisfy your Lord and ransom your son. So, he ransomed him with a hundred camels. Mu'âwiyah said: this is one [of the two Sacrificed] the other is Ishmael(P)."
This report is regarded as Marfuc.[6]

There is another report according to which the Prophet(P) is believed to have said: "I am the son of the two Sacrificed". The authenticity of this report is very controversial so we will not use it as evidence especially when the above report is correct enough and suffices to our study.
Conclusion
According to the Qur'ân, the sacrificed cannot be Isaac(P). According to authentic Islamic tradition, the sacrificed is Ishmael(P). The Muslim scholars have solved this case a long time ago and, very early in the history of Islam, the popular Islamic tradition has integrated the fact that Ishmael(P) was the sacrificed.
Concerning the claim of 'world-renowned commentary of Yusuf Ali', any Muslim with a basic knowledge of Qur'ânic commentary would have a good laugh. The 'commentary' in the translation of the Qur'ân by Yusuf cAlî is just about good enough to be qualified as 'footnotes'. And of course, the commentary on the Qur'ân contains much more than these footnotes. Secondly, the statement
It is obvious that the claim that the son was Ishmael is not according to the Qur'ân!
is a rather foolish and reflects colossal ignorance on the part of the critic who has no idea about how the Qur'ânic exegesis is carried out.
Let some people study the Qur'ân thoroughly before calling upon ghosts that will frighten nobody but themselves. Indeed, the Biblical version of the story: "sacrifice your only son, Isaac" or "sacrifice your firstborn son, Isaac" is an enigma they must live with.
Praise be to Allah that guided us to Islam and gave us in the Qur'ân healing and guidance.