Also in contention for the Young Player of the Year award are Manchester United striker Rooney, who took home the trophy in 2005 and 2006, and Arsenal captain Fabregas, who was recognised in 2008. Birmingham 'keeper Joe Hart and Aston Villa midfielder James Milner complete the four-man shortlist for the junior award.
Rooney is viewed as the leading candidate for the Player of the Year award after scoring 34 goals in all competitions. If he does receive the award, it would extend United's dominance in the category to four years following wins for Cristiano Ronaldo (2007, 2008) and Ryan Giggs (2009).
A new recipient of the honour is guaranteed as none of the candidates have won the award in previous years. Drogba, who made the shortlist in 2007, is nominated after scoring 32 goals in all competitions, including 25 in 28 games in the Premier League.
Fabregas, who will miss the remainder of the season due to injury, is up for both awards after a hugely impressive season in the Arsenal midfield that has yielded 15 goals and 13 assists in the Premier League alone.
Completing the shortlist for the senior award is Manchester City star Tevez, who has scored 28 goals in all competitions following his move from Manchester United over the summer and comes face-to-face with his rival Rooney in Saturday's Manchester derby.
In the young player category, Hart, who is a contender for a World Cup spot, has been shortlisted after enjoying an impressive season for Birmingham City, whom he joined on loan from Manchester City at the start of the campaign.
Aston Villa have seen Ashley Young and Gabriel Agbonlahor shortlisted in the past two seasons, but this year the honour falls to Milner, who has proved influential in a central role and looks certain to travel to the World Cup finals with England.
Below, PFA chief executive Gordon Taylor explains the presence of each player on the respective shortlists.
Player of the Year shortlist:
Carlos Tevez (Manchester City): "He is such an energy-packed player. His work-rate and skill are quite phenomenal. He is red-hot at the moment and his goals look like they could propel Manchester City into qualification for the Champions League."
Cesc Fabregas (Arsenal): "He is crucial to Arsenal and typifies the quality of their play. He is a real engine-room player. You sit back and marvel at his skills. It would be a sad day if our game lost him."
Didier Drogba (Chelsea): "Drogba's strength is different class. I have seen so many games when he has been left out of the starting line-up for whatever reason and then come on. His presence alone makes a massive difference.''
Wayne Rooney (Manchester United): "He is like one of those blocks you use to demolish buildings. Sometimes you can't believe how good he is. From an English point of view, it is good that we have a real contender not just to be the best player in this country but the whole world.''
PFA Young Player of the Year shortlist:
Cesc Fabregas (Arsenal): "In contention for both awards. He has come through remarkably well. He has had a season interrupted by serious injury yet to still make the impact he has is indicative of his quality."
James Milner (Aston Villa): "I feel really proud of James. His parents came to us for help and advice from a very early age. He was determined to make it to the top. People have said he is a water-carrier. He is a lot more than that."
Joe Hart (Birmingham City): "He has shown the benefits of the loan system. It is much better for him to be playing first-team football. I am really pleased he has been given that opportunity. He has not let Alex McLeish down and has the world in front of him."
Wayne Rooney (Manchester United): "Won young player in 2005 and 2006, so he was making an impact then. He was that boy wonder. I have seen that maturity develop. Sometimes you can't believe how good he is. You just hope he can leave something in the tank for the summer."
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