Ivory Coast midfielder Toure will be among the favourites after playing a starring role as Manchester City became English champions for the first time in 44 years.
He was also instrumental as Ivory Coast reached the final of the Africa Cup of Nations before losing on penalties to Zambia.
Toure's compatriots Gervinho and Didier Drogba are also on the shortlist. Gervinho has had a quiet year at club level with Arsenal, while Drogba scored the winning penalty in the Champions League final against Bayern Munich before moving to Chinese club Shanghai Shenhua.
Zambia's title triumph in Gabon and Equatorial Guinea saw captain Christopher Katongo nominated.
He was voted player of the tournament after an inspirational set of displays as his country landed their first continental crown.
Barcelona midfielder Alexander Song, Marseille winger Andre Ayew, Newcastle striker Demba Ba, Chelsea midfielder John Obi Mikel, St Etienne striker Pierre-Emerick Aubameyang and Montpellier forward Younes Belhanda also made the list.
The winner will be announced at a ceremony on December 20 in the Ghanaian capital Accra.