Stuart Armstrong, Moussa Dembele and Scott Sinclair are all among the nominees, along with Aberdeen winger Jonny Hayes.
It means Celtic skipper Scott Brown, a player many tipped to be included, will not win the award.
The reigning Player of the Year award winner is Leigh Griffiths. The Celtic striker won the individual honour after finishing top goalscorer in the 2015/16 Ladbrokes Premiership.
Dembele is the only player in contention for both awards after being named in the shortlist for the Young Player award also.