McGregor has already claimed two prizes at the Hoops’ annual awards ceremony, while Scotland winger Forrest has enjoyed another sparkling campaign that has seen him net 22 goals for club and country.
Morelos has had a season of highs and lows, with five red cards offset by his 29-goal haul.
Liverpool youngster Kent has also flourished during his loan stint with Steven Gerrard’s Rangers, contributing six goals.
The 22-year-old is also up for the union’s young player of the year award, going up against Motherwell’s Jake Hastie and David Turnbull and Lewis Ferguson of Aberdeen.
Hastie is due to join Rangers this summer after agreeing a four-year pre-contract having impressed for Stephen Robinson’s team since returning from a loan stint at Alloa in January.
Yet it was his team-mate Turnbull who took home both the player and young Player of the Year awards at Well’s recent ceremony, having netted 12 goals since making his own breakthrough.
Ferguson - whose father Derek and uncle Barry both previously starred for Rangers - has also had a season to remember since joining the Dons from Aberdeen, including netting memorable goals against Europa League opponents Burnley and the Light Blues in the Betfred Cup semi-finals.