Arsenal published the names of the four-man nominees on their official website on Wednesday.
Saka was nominated alongside Gabriel Martinelli, Granit Xhaka and Lucas Torreira.
The 18-year-old has been impressive for Arsenal in January despite playing as an emergency left-back.
He scored Arsenal’s first goal and provided the assist in the 2-1 win against Bournemouth, in the fourth round of the Emirates FA Cup.
He had another assist in the 1-1 home draw against Sheffield United, setting up Martinelli to tap in.
Also, he was nominated for Arsenal’s December Player of the Month award, losing out to Pierre-Emerick Aubameyang.
The winner of this month’s award will be voted for by fans of the club.