The Chelsea and Liverpool managers are competing for the accolade against West Ham's Sam Allardyce and Hull City boss Steve Bruce.
Table toppers Chelsea won three of their four league matches last month, beating title rivals Manchester City 1-0 away from home before enjoying victories against Newcastle and Everton.
Rodgers is hot on Mourinho's heels with a triumphant 5-1 defeat of Arsenal on 8th February, putting Liverpool in second place with a game in hand over Chelsea, but seven points behind.
Allardyce turned a shaky start to 2014 into a month of magic for the Hammers, with four straight wins through February and three clean sheets.
Bruce's Hull side successfully saw off Cardiff in a 4-0 thrashing on Welsh soil and won 2-0 at Sunderland, while they have made outstanding progress in the FA Cup.
Rodgers can also celebrate two of his players being nominees for Player of the Month, as forwards Daniel Sturridge and Raheem Sterling are both up for the award.
West Ham skipper Kevin Nolan is also nominated after scoring five goals in four appearances for the club last month, along with Chelsea's Eden Hazard.
Sturridge and Hazard are high up in the Premier League top goal scorers list, sitting second and fourth respectively.
The winners of Manager of the Month and Player of the Month will be announced at 10am on Friday.
Watch the nominees in action on Sky Sports 1 from 5pm on Saturday (Aston Villa v Chelsea) and Sky Sports 1 on Sunday (Man Utd v Liverpool) from 1.30pm.