The shortlist is compiled by the members of the Professional Footballers' Association of Ireland (the PFAI), and then the winner is voted for by the other players in the league.
The award was first given in 1982, and was won by Bohemians player Jacko McDonagh.
The most recent winner of the PFAI Young Player of the Year award was Mason Melia of St Patrick's Athletic.
UEFA Euro 2016 saw three former winners of the award making appearances at the finals tournament in France, with two of them (Wes Hoolahan of the Republic of Ireland and Niall McGinn of Northern Ireland) scoring goals for their countries.
Highlighted players are winning the award for a second time.