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...
9. 10th: Marc Guéhi (22) - £28.8m
The defender was another Crystal Palace player who enjoyed an impresssive season last term. He made his senior England debut in March and has now been capped three times by his country. Photo: Getty Images
10. 9th: Emile Smith Rowe (21) - £36m
The 21-year-old has emerged as a key player for Arsenal in the last 12 months. He made 33 Premier League appearances last campaign and another four in the EFL Cup as the Gunners reached the semi-finals. He scored 11 goals and provided two assists in 37 games. Photo: Getty Images
11. 8th: Gabriel Martinelli (21) - £36m
The Brazilian enjoyed his most productive season for Arsenal last term, scoring six goals and assisting another six in 29 Premier League games. Photo: Getty Images
12. 7th: Dejan Kulusevski (22) - £36m
The Swedish international joined Spurs from Juventus in January and made a strong impression, scoring five goals and notching eight assists in 18 league games. Photo: Getty Images