The teenage Portugal forward will receive the trophy in Monday's ceremony in Monte Carlo, but organisers Tuttosport revealed the winner on their front page prior to the prizegiving.
Manchester United hotshot Marcus Rashford and Sanches' Bayern team-mate Kingsley Coman complete the podium, while Milan goalkeeper Gianluigi Donnarumma makes the top 10 and is the only Italian representative.
The award, which compiles votes from 30 journalists working at some of Europe's most prestigious news outlets, was given to Man Utd's French forward Anthony Martial last season.
Previous winners since its inception 15 years ago include Wayne Rooney, Mario Balotelli, Sergio Aguero and Paul Pogba.
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