Chelsea midfielder Cole Palmer has taken the PFA's Young Player of the Year award.
"To win this award is something very special and it is one that I am very proud of and grateful for," said Foden.
"To be recognised this way by your fellow professionals means everything and I would like to thank everyone who voted for me.
"Last season was another very special one for everyone at the club, but now all our focus is concentrated on trying to achieve more success this term."
Foden previously was named Young Player of the Year by the PFA.
TEAM OF THE YEAR
The PFA's Premier League team of the year, as voted for by players, was dominated by Manchester City and Arsenal players:
Goalkeeper
David Raya (Arsenal)
Defenders
William Saliba (Arsenal)
Gabriel (Arsenal)
Kyle Walker (Manchester City)
Midfielders
Rodri (Manchester City)
Declan Rice (Arsenal)
Martin Odegaard (Arsenal)
Forwards
Erling Haaland (Manchester City)
Phil Foden (Manchester City)