Dias has made such a splash since his summer move from Benfica that he is being talked about as a candidate for the top individual award but the 23-year-old says he is more interested in team prizes, starting with the Carabao Cup and Sunday's final against Tottenham.
"The nominations are not in yet, but to be spoken of in those terms is a tremendous privilege for me," Dias said.
"It is something that makes me feel good, makes me feel that my work is being well-done. But essentially, what it tells me, is that the team is having success.
"For me, to be on that shortlist, especially as a defender, it can only mean the team won and had success. That, for me, is the biggest thing.
"If you said to me that 'in your first year in the Premier League you can win the Player of the Year,' it would be amazing. But, what I really want in my first year is to win the Premier League. That would be my biggest achievement."
City's quadruple hopes were ended by Chelsea in the FA Cup semifinals but Pep Guardiola's team are still in the hunt for three trophies.
Guardiola admits that winning the Premier League and Champions League are his priority before the end of the season but insists there will be no distractions as they attempt to win the Carabao Cup for the fourth year in a row.
"We cannot deny the Champions League is close and the Premier League is still not over, and these are the two more important competitions," Guardiola said.
"But always we have an eye on this competition. I know Tottenham is looking at qualifying for the Champions League and a first title for many years, their commitment will be incredibly tough.
"Of course it's a final and once we are there, every player wants to win it and we are not an exception."