The 21-year-old has played an impressive role in Manchester City's run towards the Premier League title as they sit a point clear of Liverpool going into the final game of the season.
Foden has scored nine goals and provided five assists in 27 appearances for Pep Guardiola's side.
The England international came out on top in an all-English shortlist that included Bukayo Saka, Mason Mount, Trent Alexander-Arnold, Tyrick Mitchell, Aaron Ramsdale, Declan Rice and Conor Gallagher.
'I am very proud to have won this award for a second season in a row,' Foden said after winning the fan vote.
'There are so many talented young players in the Premier League this season and it is a real honour to win it again.
'I have been really happy with my performances this season and it has been great to contribute to this team in what will hopefully be another successful year for us all.
'To be nominated alongside so many great players is an honour as they have all had great seasons for their clubs.
'I would like to thank everyone who has contributed to my development this season.'
Foden can win his fourth Premier League title with Manchester City if they beat Aston Villa on Sunday.