The Edinburgh businesswoman is shortlisted alongside Liverpool's Ian Ayre, Dean Hoyle of Huddersfield Town, Fleetwood Town's Steve Curwood and Mark Catlin of Portsmouth.
Budge is listed as the Scottish Professional Football League chief executive of the year in recognition of her work reviving the Tynecastle club.
She gained a seat on the SPFL board this summer and continues to drive Hearts forward in the Premiership little more than two years since they emerged from administration.
Budge will receive her SPFL CEO of the Year award and then go up against her fellow nominees for the main title at a ceremony on November 3 at Arsenal's Emirates Stadium in London.
The CEO from each league was nominated in a vote by the readers of fcbusiness before then being shortlisted for the overall CEO of the Year prize.
The fcbusiness Editor and Football Business Awards judge, Aaron Gourley, said: "The award for CEO of the Year is one of the most prized in football. Each of the finalists is there because their hard work and dedication has been recognised by the readers of fcbusiness and their peers.
"The Football Business Awards are a fantastic way of recognising the efforts of everyone involved in the beautiful game and I’m sure, as each of our CEOs would testify, they would not be in line for an award without them."