The Bayern Munich and Portugal midfielder was revealed as the winner of the award on the front cover of 'Tuttosport' before the ceremony which takes place today.
Sanches was a key figure in Portugal's Euro 2016 win and earned a big money move to Bayern Munich from Benfica in the summer.
The Portuguese midfielder beat the likes of Bayern team-mate Kingsley Coman, Marcus Rashford and AC Milan wonderkid Gianluigi Donnarumma.
Manchester United forward Anthony Martial scooped the award last year and previous high-profile winners include Premier League stars such as Wayne Rooney, Sergio Aguero, Paul Pogba with former Man City striker Mario Balotelli also a previous winner.