Iheanacho scored the decisive goal for the Foxes in the Emirates FA Cup fourth round 1-0 win against their hosts at the Griffin Park.
The 23-year-old hit the back of the net in fourth minute after he was set up Dennis Praet.
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Six other players; James Maddison, Hamza Choudhury, Admiral Muskwe, Harvey Barnes, Ricardo Pereira and Ayoze Perez are also nominated for the individual prize.
The winner will be announced on Wednesday, February 12.
Leicester City will face Birmingham City in an FA Cup fifth round tie next month.
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