The Liverpool star won the accolade last year, denying Neymar his third successive win.
But the stunning form in both La Liga and Ligue 1 has ensured the 25-year-old has picked up the crown for the third time in four years.
The PSG forward has had a stellar year after completing his world-record £198m move from Barcelona.
The award is voted for by the public, former players and journalists.
Neymar secured 27.71 per cent of the vote to thrash Coutinho, who took second with 16.64 per cent.
Barcelona’s likely line-up if Philippe Coutinho joins this month
GETTY
“The award is voted for by the public, former players and journalists”
Real Madrid defender Marcelo earned third place, securing 14.43 per cent of the vote.
However, when the votes are broken down, all three players were blown away when it came to who the public thought should win the award.
Barcelona star Paulinho received 31.83 per cent of the vote share, while Neymar took second on 14.43 per cent.
Just 13.57 per cent of the voters thought Coutinho should be crowned champion.
Getty
Getty
Coutinho may have a better chance of regaining his crown if he completes his move to Barcelona in the coming months.
The Liverpool star continues to be linked with a move to the Nou Camp.
Coutinho was left out of the Reds' squad for their clash with Burnley yesterday due to injury.