(CNN) -- Rory McIlroy capped off a remarkable year by being named as the PGA Tour Player of the Year.
The 23-year-old is the youngest player to win the trophy, named after 18-time major winner Jack Nicklaus, since Tiger Woods triumphed back in 1998
McIlroy enjoyed a stellar 2012, winning four times on the PGA Tour, topping both the PGA and European money lists, as well as helping Europe to a stunning Ryder Cup success against the United States.
The Northern Irishman claimed victory at The Honda Classic, PGA Championship, Deutsche Bank Championship and BMW Championship, pocketing a cool $8,047,952 on the U.S.-based circuit.
McIlroy has been top of the rankings for 17 consecutive weeks and has held top spot for 24 weeks in total.
He becomes the third European to win the award after England's Luke Donald (2011) and Ireland's Padraig Harrington (2008).
Rookie of the Year
Meanwhile, John Huh was named as PGA Tour Rookie of the Year.
The 22-year-old was the only rookie to qualify for the Tour Championship and the youngest since Sergio Garcia made it through at the age of 21 in 2001.
Huh claimed his first win at the Mayakoba Golf Classic in February, finished 29th in the FedEx Cup and 28th on the money list with $2,692,113.
Huh, who was born in New York but currently lives in Dallas, is the first player of Korean descent to win the award.
"On behalf of the PGA TOUR, my congratulations to Rory and John for their outstanding accomplishments this season," said PGA TOUR Commissioner Tim Finchem.
"These awards are significant to these players as they are bestowed upon them by their peers, one of highest compliments a player can receive."