Salah has scored an incredible 31 goals in 33 league games in his first year for Jurgen Klopp's side and now leads the race for the Golden Boot.
Salah heads into Tuesday's Champions League semi-final with Roma former club having scored 41 goals in 46 competitive outings to date.
This is the first time a City player has won the award for 42 years - Peter Barnes landed it in 1975/76 - and Sane is the first German to hold the honour.
Taken from the audience, footage of Salah accepting his award is now doing the rounds on social media.
The winger has formed a key part of the City attack along with Sterling, Kevin De Bruyne and Sergio Aguero.
The 22-year-old has been instrumental in his side's Premier League winning campaign, picking up 12 assists and netting nine goals in 28 outings.
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And Keown insists that the prize should be awarded to a player from the best team, which has undoubtedly been City this term. I always think about the team, I don't think about myself, so the most important thing for me is to win something with the team.
"I didn't have my [chance] in Chelsea so it was clear in my mind I would come back and show everyone my focus".
"This award is an unbelievable honour for you and your family to be proud of".
Sane said: "I'm really honoured to win this award, thank you to my team-mates, the coaches, the fans, the whole of Man City". It was a fantastic ride so far, but you know we have still a few yards to go.
Just like the professional footballers in England's four divisions, my choice also boiled down to one between Salah and De Bruyne - I did consider City's Leroy Sane, but despite the German winger's outstanding campaign, it would have been hard to justify Sane ahead of Salah and De Bruyne.
"Salah has reached the top of the football world, and staying at the top is very hard and needs a lot work and effort".