Fernandes has had a stellar individual campaign, scoring eight goals and equalling the league record for the most assists in a season with 20.
The 31-year-old is level with Thierry Henry and Kevin De Bruyne and he will have the chance to move outright when United travel to Brighton on Sunday.
Fernandes, who has helped lift United into next season's Champions League, is the club's first player to win the award since Nemanja Vidic in 2010/11.
The Portugal star was on an eight-man shortlist that included Arsenal's Gabriel, David Raya and Declan Rice, Manchester City's Erling Haaland and Antoine Semenyo, Brentford's Igor Thiago and Nottingham Forest's Morgan Gibbs-White.
Fernandes was also named the Football Writers' Association Footballer of the Year earlier this month.
Wayne Rooney was the last United player to win the FWA award in 2009/10.