McClaren, Davies and McCarthy have overseen great results at Derby, Nottingham Forest and Ipswich respectively as their clubs mount serious promotion pushes, while an unbeaten month has helped Clark's Birmingham rise away from the drop zone.
Derby have a representative up for the player's award - Craig Bryson - while Leicester City's Danny Drinkwater, Kieran Trippier of Burnley and Sheffield Wednesday's Connor Wickham are also in the frame.
Here, Sky Sports considers more closely the managers in contention.
Lee Clark (Birmingham City)
An unbeaten month saw Birmingham record impressive away wins at Bournemouth and Blackburn Rovers. They also held promotion-chasing Wigan Athletic and Nottingham Forest to goalless draws as Clark instilled growing belief in his team.
Billy Davies (Nottingham Forest)
Davies carefully guided his side to four clean sheets during a hectic programme which ended with entertaining and convincing home victories over QPR and Leeds United. Three wins and three draws lifted Forest into the play-off places.
Mick McCarthy (Ipswich Town)
The quiet revolution in Suffolk continued apace with three wins and three draws from six matches. McCarthy's influence on Frank Nouble alongside David McGoldrick and Daryl Murphy has given his team an attacking trio to fear.
Steve McClaren (Derby County)
A December to remember in which McClaren's side garnered 19 points from 21 and outscored their opponents by a huge 18-6 margin. He placed the emphasis on free-flowing attacking play as Derby moved up into second place.
Sky Sports also takes a look at those in the mix to be named Player of the Month.
Craig Bryson (Derby County)
Five goals in a month from central midfield was an outstanding return for the Scot who timed his runs into the box to perfection. His dynamism and determination also helped to set up goals for teammates in a bumper December.
Danny Drinkwater (Leicester City)
The midfielder's energy and determination to go forward were the driving force in City going top of the Sky Bet Championship. Superb in the 1-0 win at Queens Park Rangers, his willingness to try shots from distance was seen with a long-range finish against Bolton Wanderers.
Kieran Trippier (Burnley)
Strong in the tackle and with the pace to nullify opposing wingers, the right-back helped his side keep three clean sheets. With two assists, his attacking prowess and crossing ability were crucial in Burnley's equaliser at Leicester City.
Connor Wickham (Sheffield Wednesday)
Limited to four December matches, the striker's robust stature and infectious enthusiasm brought seven points and four goals in those games with two fine efforts against leaders Leicester City and a perfectly struck free-kick winner at Watford.