The nominees for the award were unveiled on Tuesday on Arsenal’s official website.
Also on the shortlist are Gabriel Martinelli and Lucas Torreira.
Commenting on Saka’s performance so far this season, the club wrote: “The 18-year-old made his Premier League debut at Everton but helped the team to a clean sheet and has impressed with a series of composed displays out of position at left-back.
“Let’s not forget the teenager scored and claimed an assist in the 2-2 draw at Standard Liege, too.”
This season, Saka has made 18 appearances, scored two goals and made five assists in all competitions.
He made his senior competitive debut for Arsenal on 29th November 2018, in their Europa League match against Vorskla Poltava.
He came on as a 68th minute substitute for Aaron Ramsey and on 13 December 2018, he made his first full home debut for Arsenal in their Europa League match against FK Qarabag.
And on 1st January 2019, Saka made his debut in the Premier League in a 4–1 win against Fulham after coming on for Alex Iwobi in the 83rd minute.
He has represented England at U-16, U-17, U-18 and U-19 level but is still eligible to play for Nigeria.