The Gunners forward has hit 27 league goals this season and pips Manchester United duo Wayne Rooney and Paul Scholes to the accolade just days after scooping PFA recognitionArsenal striker Robin van Persie has scooped the Football Writers' Association (FWA) Player of the Year award.
The Dutchman has been in blistering form this term, netting 27 times in 35 league appearances, helping the Gunners to recover from a sloppy start to propel themselves to third in the Premier League.
Van Persie can add the accolade to the Professional Footballers' Association (PFA) Player of the Year award he received on Sunday.
Manchester United striker Wayne Rooney, whose 26 goals this term have aided the Red Devils' title push, came second in the voting for the gong.
His team-mate Paul Scholes is something of a shock inclusion in third place having only come out of retirement in January to ease Sir Alex Ferguson's midfield woes.
Meanwhile, Fulham forward Clint Dempsey is in fourth place after enjoying his best-ever Premier League season, netting 16 times for the Cottagers.
Last year's winner, then West Ham player Scott Parker, has failed to make the list despite Tottenham's push for a Champions League place and early title aspirations.