The 16-year-old winger made history in his breakthrough season, becoming the Gunners youngest ever starter in the league in a 5-0 win over Leeds at 15 years and 235 days.
The attacker went on to become the Premier League's youngest ever goal scorer following his strike in the 2-0 win against Everton in March.
According to a statement on the club website, Dowman's latest award 'recognizes the outstanding impact that a player has made during their breakthrough season and the milestones they have achieved along the way.'
He has made nine appearances for the North London club this season, scoring one goal while providing one assist.
Dowman will be hoping to end the season with two titles to his name with the Gunners leading the Premier League table with two matches to go while also being in the UEFA Champions League final against Paris Saint-Germain.
Manchester City boss Pep Guardiola has called for the Premier League to stay out of Oliver Glasner's selection decisions, insisting coaches must retain full autonomy over their teams.
Arsenal have confirmed that defender Ben White will miss the remainder of the season after suffering a significant medial knee ligament injury.
Pep Guardiola has said he will make a late decision on the fitness of Rodri and Abdukodir Khusanov ahead of Manchester City's crucial Premier League clash with Crystal Palace on Wednesday night.
Former Manchester United defender Jaap Stam has backed the idea of a swap deal involving Marcus Rashford and Rafael Leao as uncertainty continues to surround Rashford's long-term future.
