"Thank you to everyone who voted for me, it's an honour to be the first Chelsea player to win this award," Palmer said.
"Since bursting onto the scene Cole has scored a remarkable amount of high quality goals for club and country in such a short period of time earning him support from fans across the game a worthy winner and a clear favourite among the voting public," said FSA chief executive Kevin Miles.
Palmer becomes the first winner in Chelsea's club history, demonstrating his remarkable rise in the Premier League and his contributions to the England squad.
With over 250,000 votes cast, Palmer topped a shortlist featuring top talents including Rodri, Erling Haaland, and Mohamed Salah.
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