In a poll of European soccer journalists from 52 countries organised by France Football magazine, the 28-year-old was rewarded for his outstanding scoring record for Milan since he joined the Italian side from Dynamo Kiev in 1999.
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Portuguese forward Deco and Brazilian midfielder Ronaldinho, both of Barcelona, were second and third respectively. Shevchenko received 175 votes, Deco 139 and Ronaldinho 133.
Shevchenko was fourth in last year's poll behind Czech winner, Pavel Nedved of Juventus, and is one of three players in line for FIFA's World Player of the Year award. The others are Ronaldinho and French striker Thierry Henry of Arsenal who came fourth in the European poll with 80 votes.