The 19-year-old Portuguese won the prize ahead of Bayern team-mate Kingsley Coman and Manchester United’s Marcus Rashford, after the trio emerged from an initial 40-man shortlist to form the final three.
The Golden Boy is awarded to a player aged under 21 and playing in one of Europe’s top tiers who is perceived to have been the most impressive during a calendar year.
Sanches was selected following a vote by journalists from 30 newspapers across Europe to name the best player in 2016 under the age of 21.
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The teenage forward will receive the trophy in Monday’s ceremony in Monte Carlo.
Man Utd’s French forward Anthony Martial was given the award last season.
PAST WINNERS
2003 – Rafael van der Vaart (Ajax)
2004 – Wayne Rooney (Man Utd)
2005 – Lionel Messi (Barcelona)
2006 – Cesc Fabregas (Arsenal)
2007 – Sergio Aguero (Atletico Madrid)
2008 – Anderson (Man Utd)
2000 – Alexandre Pato (AC Milan)
2010 – Mario Balotelli (Man City)
2011 – Mario Gotze (Borussia Dortmund)
2012 – Isco (Malaga)
2013 – Paul Pogba (Juventus)
2014 – Raheem Sterling (Liverpool)
2015 – Anthony Martial (Man Utd)
2016 – Renato Sanches (Bayern Munich)