Manchester City midfielder Phil Foden has scooped the award in the last two seasons after becoming a key player for the reigning Premier League champions.
His new teammate at the Ethihad Stadium, Erling Haaland, could be one of the big names to be in contention for the prize next spring.
An English player has picked up the award in seven of the last eight seasons, with Leroy Sane proving the only expection when the German won the award for his performances in the 2017-18 campaign.
There is always plenty of debate surrounding the best young players in the Premier League - and we have picked out some players to watch out for next term.
We have ranked the 18 best stars under the age of 23 in the division, based on their transfermarkt market value. A total of 12 clubs are represented while Arsenal have the most players in the rankings with five.
Starting with the 18th-highest rated player, here's the best young players in the top flight based on their market value...
. 18th: Brenden Aaronson (21) - £22.5m
The American international has joined Leeds from Red Bull Salzburg this summer after an impressive two seasons in Austria. He scored 13 goals and provided 15 assists for Salzburg and has been capped 21 times by the United States with six international goals to his name. Photo: Getty Images
. 17th: Fábio Vieira (22) - £22.5m
The Portugese midfielder joined Arsenal from Porto for a fee just over £30m. He had 28 goal contributions in 75 games for Porto before making the move to the Emirates. Photo: Getty Images
. 16th: Jacob Ramsey (21) - £22.5m
The Aston Villa youngster enjoyed his finest campaign last term and was rewarded with a new contract in April, which will keep him at Villa Park until the summer of 2027. Photo: Getty Images
. 15th: Tyrick Mitchell (22) - £22.5m
The Crystal Palace full-back enjoyed a fine season in 2021-22, resulting in his first England cap as he was a second-half substitute in the Three Lions' win over Switzerland in March. Photo: Getty Images
. 14th: Curtis Jones (21) - £25.2m
The Liverpool player came through the ranks at Anfield. He made 27 appearances in all competitions last season, scoring one goal and providing four assists. Photo: Getty Images
5. 14th: Curtis Jones (21) - £25.2m
The Liverpool player came through the ranks at Anfield. He made 27 appearances in all competitions last season, scoring one goal and providing four assists. Photo: Getty Images
6. 13th: Sven Botman (22) - £27m
The Netherlands Under-21s captain has been signed by Newcastle United this summer. He made 79 appearances for Ligue 1 club Lille, five of which came in the Champions League. Photo: Getty Images
7. 12th: William Saliba (21) - £27m
The Frenchman joined Arsenal in the summer of 2019 but has spent most of his time at the club on loan in his homeland. He played 51 times for Marseille last term, could this finally be the campaign he makes his mark for the Gunners? Photo: Getty Images
8. 11th: Pedro Neto (22) - £28.8m
The forward has 19 goal contributions (nine goals, 10 assists) in 73 Premier League appearances. A knee injury limited his time on the pitch for Wolves last season. Photo: Getty Images