It is the 11th time in his career that the Gunners No.1 has claimed the prize, with Cech helping the Gunners to finish fifth in the Premier League table, as well as winning the FA Cup.
The award is essentially the Czech version of English football's FWA Player of the Year and is voted for by domestic journalists.
Cech has been largely unchallenged since 2005, winning the award 11 times over the past 13 years, with only Pavel Nedved and Sparta Prague forward David Lafata having also claimed the crown in that period.
Despite what has proved a turbulent season for the Gunners, albeit ending with FA Cup glory, Cech has proved a consistent performer and kept 12 clean sheets in the league over the 2016-17 campaign.
That was, however, well short of Golden Glove winner Thibaut Courtois, whose 16 shut-outs saw him beat Hugo Lloris (15) to the prize.