Aberdeen's Niall McGinn, Leigh Griffiths of Hibernian, Inverness Caledonian Thistle's Andrew Shinnie and Michael Higdon of Motherwell are the four contenders for the award.
The award has been dominated in recent times by Celtic, who have provided the winners in eight of the past 10 years.
No player from Hibernian, Inverness or Motherwell has ever been PFA Scotland's Player of the Year.
Jim Bett was the last Aberdeen player to be voted best by his peers when he claimed the prize in 1990.
Griffiths, who is on loan at Hibs from Wolves, has also been nominated for the Young Player of the Year.
Victor Wanyama of Celtic and Dundee United pair Stuart Armstrong and Gary Mackay-Steven are also on the short-list.
The winners will be announced and presented with their awards at the Hilton Hotel in Glasgow on Sunday, 5 May.