Sheringham becomes the oldest winner of the award at the age of 35 and it comes just nine days after the former Spurs ace was crowned the Football Writers Player of the Year.
He follows in the footsteps of United captain Roy Keane who was also crowned Football Writers and PFA Player of the Year last season.
Sheringham has enjoyed arguably his most prolific season to date scoring 21 goals so far this campaign, which have largely contributed towards the Red Devils third successive Premiership crown.
Despite this, his future at Old Trafford remains in doubt with his contract expiring in the summer and United have offered him just a one-year deal to stay.
Gerrard has also had a memorable campaign and has played an instrumental part in helping Liverpool reach three cup finals.
His season has been blighted with persistent back problems, but he has made a name for himself by scoring some memorable goals from distance throughout the campaign.
The 20-year-old midfielder's injury problems have resticted his opportunities at international level, but he has impressed Sven Goran Eriksson and is expected to be a key figure for England for many years to come.
In the Premiership Team of the Season, no fewer than six Manchester United players were named with a further three from second-placed Arsenal.
Fabien Barthez capped his debut season in the Premiership by being named top keeper, while United colleagues Jaap Stam, Wes Brown, Roy Keane, and Ryan Giggs were also named along with Sheringham.
Full Team: Barthez (Manchester United), Carr (Tottenham), Silvinho (Arsenal), Stam (Manchester United), Brown (Manchester United), Keane (Manchester United), Giggs (Manchester United), Gerrard (Liverpool), Vieira (Arsenal), Henry (Arsenal), Sheringham (Manchester United).
