Bale, who has inspired Spurs' run towards a place in the Champions League next season, is Sky Bet's favourite to be named Player of the Year and Young Player of the Year in the 40th anniversary of the awards.
Voting took place during a spell of brilliance from the Wales winger, when he scored eight goals and regularly terrorised defences at home and abroad.
Although Liverpool striker Luis Suarez was also in good form at the time, and voting would not have been affected by last week's biting incident involving Chelsea's Branislav Ivanovic, Bale is still favoured for his overall contribution as Spurs press for a place in the top four.
Robin van Persie, winner of the award when with Arsenal last season, is also among the nominations but the voting took place when he was going through a barren spell for Manchester United - his recent return to form looks likely to see him end the season as Premier League Golden Boot.
Chelsea duo Juan Mata and Eden Hazard are rated as outsiders for the contest along with Michael Carrick, despite public support from Arsenal boss Arsene Wenger.
If the bookmakers are correct, Bale will follow Andy Gray and Cristiano Ronaldo as the only players to have won both the main prize and the Young Player award in the same season.
Aston Villa's Christian Benteke is the most obvious candidate to deny him in the Young Player category, given the Belgian's outstanding form in a terrible season for the Midlands team.
Also nominated are Hazard, fellow Belgian Romelu Lukaku, Danny Welbeck and Jack Wilshere.