The 25-year-old was a top contender for the August edition following a bright start to the season.
The winner was announced on Thursday, with full-back Aaron Wan-Bissaka emerging victorious, dashing the hopes of Schlupp and favourite Wilfried Zaha, who just broke the club's goal record in the Premier League.
A run of impressive performances saw the English defender of Congolese descent garner 48 per cent of votes to top the poll.
Schlupp, meanwhile, has featured in all four of Palace's games of the season so far. Three of the matches were Premier League fixtures, with the last a League Cup tie.
His biggest moment, undoubtedly, came in the league opener at Fulham where his strike into the roof of the net helped The Eagles secure a valuable 2-0 away triumph.
He joined Crystal Palace from Leicester City in January 2017.