Taremi scooped the prize as a reward for scoring Porto's last-gasp winner in the second leg of their Champions League quarter-final tie with Chelsea on April 13, goal.com reported.
The Portuguese outfit ultimately exited the competition 2-1 on aggregate to the eventual winners, but their talismanic frontman has secured a place in European football history after receiving 30 per cent of the final vote for the best goal of 2020-21.
There did not appear to be a lot on when Porto substitute Nanu raced down the right wing in stoppage time at Sevilla's Ramon Sanchez-Pizjuan Stadium, but he managed to produce a perfectly weighted cross that found its way to Taremi with his back to goal.
The Iran international could have tried to bring the ball down before letting fly, but instead trusted his goalscoring instincts to unleash a sensational first time overhead kick, which flew into the top corner and left Blues goalkeeper Edouard Mendy rooted to the spot.
60,000 votes were cast for the UEFA prize in total, with Italy talisman Lorenzo Insigne coming in second for his superb individual goal against Belgium in the Euro 2020 quarter-finals, which ultimately gave the Azzurri a 2-1 victory before they went on to secure the trophy with wins against Spain and England.
Rangers star Kemar Roofe completed the top three, having been recognised for the spectacular long-range effort he produced in a Europa League group stage clash with Standard Liege.
Taremi joined Porto from Rio Ave last August, and quickly established himself as the focal point in Sergio Conceicao's set-up at Estadio do Dragao.
The 29-year-old scored 23 goals in his debut season with the Primeira Liga club, including his wonder goal against Chelsea, while also recording 18 assists.