The Munster legend died last October
The European Rugby Player of the Year will be presented with a trophy to commemorate the memory of Munster and Ireland legend Anthony Foley, who died suddenly last year.
The European Professional Club Rugby (EPCR) has received the support of Foley's family to commission the Anthony Foley Memorial Trophy, for his contribution to rugby as both a player and a coach for Munster.
As a player, he made three appearances in a European Cup final, and captained the province to Heineken Cup glory in 2006.
Foley passed away at the age of just 42 last October, before Munster were due to face Racing 92 in a Champions Cup tie in Paris. His sudden death left the entire rugby community in Ireland and beyond in shock, and a coroner later found that his death was linked with a heart condition.
Speaking about the announcement, EPCR Chairman Simon Halliday said:
"This is a fitting way to honour Anthony's memory. He was a great player and a great leader as well as a galvanising force in Munster's European odyssey. I would like to thank the Foley family and Munster Rugby for allowing us create this trophy for now and for the future."
The nominees for the 2017 EPCR European Player of the Year are: Owen Farrell (Saracens), Maro Itoje (Saracens), Camille Lopez (Clermont Auvergne), Garry Ringrose (Leinster) and CJ Stander (Munster).