Hannam, 20, earned the award after a landmark individual season in which he made 17 appearances for the Development side and played a key part in their promotion to the Premier League 2.
The young full-back captained his team for much of the season and was named in Roy Hodgson’s first-team squad several times as the Premier League drew to a close.
He joined after leaving West Ham United in summer 2020 and made a positive impression, earning a contract extension in March 2021.
Speaking to Palace TV, Hannam said: “It means a lot to me to win this award. It’s been a tough season but a really good one. Taken into consideration, I appreciated it a lot - it’s taught me a lot, especially about the club and about myself. It’s been a really good season.
“Being released gave me a point to prove, not to everybody else, but to myself – to show I can still play and play at a decent level.
“It’s been a successful season. I’m so proud of all the boys, and the staff – I appreciate everybody’s work here.”
U23s manager Shaun Derry added: “There have been some real top-class performers throughout the Under-23s this year... [Hannam] has come from a point of disappointment in terms of leaving one football club and coming into another - and a point of understanding what this football club is all about and the DNA that runs through it. And also a point of mixing with different groups - which is exactly what an Under-23s player should look like this season.”
Watch the full End of Season Awards show below!