The attacking midfielder, who can play off the left and centrally, won two awards at the club's end of season event.
Palmer has netted 26 goals and provided 13 assists in all competitions this season (45 appearances).
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Palmer won Chelsea's Player of the Season award, while also winning the Players' Player of the Year.
The two awards show that he is already the star man at the club, a year after leaving Manchester City.
Palmer has been a bright spot this term, as the club looks to end the season strongly and qualify for a European competition.