The foursome have been recognised after excellent spells for Accrington Stanley, Dagenham & Redbridge, Hartlepool United and Burton Albion.
The shortlist for the Player of the Month has also been announced, with Dagenham's Rhys Murphy and Luke James of Hartlepool joined by Exeter City's Arron Davies and Portsmouth defender Bondz N'Gala.
Here, Sky Sports takes a closer look at the managers in contention.
James Beattie (Accrington Stanley)
Accrington endured a difficult start to the season but they found their feet last month as the belief that Beattie maintained in his players was repaid with eight points from five October fixtures, including Stanley's first two wins - against Bristol Rovers and Morecambe.
Wayne Burnett (Dagenham & Redbridge)
The Daggers moved to the fringe of the play-off places on the back of three wins and a draw from their five matches in October. Burnett has modified the team's style and their greater patience and passing was evident as they enjoyed their finest moment to beat then leaders Rochdale 3-1.
Colin Cooper (Hartlepool United)
Hartlepool had been in need of a boost after a slow start to the season and had a stunning month to sweep away the negativity. There were four wins from five matches and 11 goals to demonstrate the team's attacking prowess at home and especially away.
Gary Rowett (Burton Albion)
Burton are looking to go up to League One after play-off heartache last season and registered three convincing away wins at promotion-chasing rivals Wycombe Wanderers, Chesterfield and Exeter City to boost their hopes. They picked up 12 points in total from five games in a series of fine performances.
Sky Sports also considers what those players in the running for the monthly prize achieved in October.
Arron Davies (Exeter City)
A versatile performer, Davies popped up at both right-back and on the left wing during October. In the 4-0 victory over Scunthorpe United, he started the game in defence and then scored a wonderful long-range dipping lob, his second well-taken goal in the month.
Luke James (Hartlepool United)
One of the most exciting young talents outside the top flight, the 18-year-old's three goals in October included a deft lob in the 3-0 win at Exeter City. His all-action displays have thrilled the Pools fans, running defenders ragged for 90 minutes and creating openings for his team-mates.
Rhys Murphy (Dagenham & Redbridge)
Murphy had a consistently impressive month as he scored in four out of five October matches, notably a delightfully chipped winner at Southend United and the opener in a 3-1 victory over Rochdale. An elusive runner up front, he slipped his markers easily to create gaps for others, too.
Bondz N'Gala (Portsmouth)
A powerful centre-back, N'Gala made a huge impact at both ends of the pitch last month. As well as being a colossus in defence, he went forward for set-pieces to devastating effect, powering home two headers in the 3-0 win over Rochdale and another for the winner against Bury.