Rooney, 24, and Fabregas, 22, will compete to join a select band of players to have won the young player award in the same season as the main honour.
Andy Gray, the former Aston Villa and Scotland striker, and Ronaldo achieved the feat in 1977 and 2007 respectively.
Both Rooney and Fabregas have already won the young player prize in the past. Rooney triumphed in 2005 and 2006, while Fabregas collected it in 2008.
Fabregas is currently injured and will miss the rest of the season after cracking his right fibula during the first leg of the Gunners' Champions League quarter-final against Barcelona.
But the Spaniard remains a key player for the Gunners, whose Premier League title aspirations were seemingly ended by their defeat by Tottenham on Wednesday.
BBC African Footballer of the Year Drogba, 32, has hit 32 goals to leave Chelsea on the brink of the first double in the club's history, while Tevez, 26, has also enjoyed a prolific campaign; netting 28 goals since joining City from neighbours United last summer.
The 24-year-old Milner, who looks like being a key player for England at this year's World Cup, is trying to emulate Aston Villa team-mate Ashley Young, who won the young player accolade last season.
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