Sponsored by TAG Heuer, the official timekeeper for the Premier League, the award will be presented to the best-performing player under the age of 23 for the first time in May 2020.
The award will sit alongside the PL2 Player of the Season, the Budweiser Goal of the Season, the Barclays Manager of the Season and the EA SPORTS Player of the Season.
Aaron Connolly, Neal Maupay, Steven Alzate and Yves Bissouma are the four Albion players eligible to receive the award.
The TAG Heuer Young Player of the Season shortlist will be released before the 2019/20 campaign ends.
As with the other end-of-season awards, the shortlist will be voted on by the public and the Premier League Awards Panel, with the winner announced in May 2020.