The Argentine was named on a six-man shortlist for the 2014 award alongside Manchester City colleague Yaya Toure.
Chelsea pair Eden Hazard and Branislav Ivanovic, Raheem Sterling and Morgan Schneiderlin had also been in contention.
But it was Aguero who won the prize at Monday night's award ceremony, having out-performed his peers over the past year.
The City striker already has 12 league goals to his name this term, plus another five in the Champions League - including his stunning hat-trick against Bayern Munich last week.
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