The award, now in its seventh year, is run by Wolverhampton's Rotary clubs and recognises the efforts of young people in the city who have gone that extra mile to help others.
It has been supported by Wolves players including Diogo Jota, Adama Traoré, Max Kilman, Benny Ashley-Seal and Bruno Jordão.
At an event at Wolves Academy on Compton Park, they met with last year's winner, Samuel Iyawe, aged 15, from Moreton School, and finalists Melvin Riley, 18, and Jude Aston, 15.
Kilman paid tribute to their achievements, adding: "Hopefully this year's awards will see more young stars coming through in Wolverhampton."
Samuel, who received recognition for his efforts to improve the lives of youngsters in the care system, said: "The award has helped to boost my confidence and so many opportunities have come my way because of it."
The award is due to officially launch on March 1, and is backed by Wolverhampton Council, the Express & Star, Wolves Foundation, Waitrose, The Way Youth Zone, Bilston Magazine, Wednesfield Magazine and the James Beattie Trust.
Details on how to apply will be revealed in the coming weeks.