The Cote d'ivoire international saw off competition from Borussia Dortmund's Gabonese forward Pierre-Emerick Aubameyang and Lille and Nigeria goalkeeper Vincent Enyeama to claim the honour for a fourth year in a row.
The award was confirmed by the Confederation of African Football via Twitter on Friday (AEDT), and Toure's club were quick to tweet their congratulations.
Last season, Toure scored 24 goals for City, 20 of them in the English Premier League as it claimed the title for the second time in three seasons.
After a turbulent northern summer in which Toure suffered the loss of his younger brother Ibrahim to cancer and seemed to be at odds with his club, he started the season slowly by his own standards but returned to form before heading to the African Nations Cup.
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