The 19-year-old took 46 per cent of the final poll, finishing ahead of Sporting Clube de Portugal's Gelson Martins (34 per cent) and FC Porto's Andre Silva (20 per cent).
"I wouldn't have won this trophy without my teammates," UEFA EURO 2016 champion and EURO 2016 Best Young Player award winner Sanches said. "The award is both a great honour and further motivation for the future. I want to win more."
Having joined Bayern from S.L. Benfica in summer 2016, Sanches - who has made 21 appearances in all competitions for the Bundesliga leaders so far this term - could not be in a better place to add to his collection.
Watch: Is Renato Sanches Xabi Alonso's long-term successor in the Bayern midfield?