Gerrard is nominated alongside Liverpool team-mate Glen Johnson, Chelsea's Ashley Cole, Manchester City's Joe Hart and Manchester United's Danny Welbeck.
The five were selected by a panel of experts from football and the media with the fans now invited to vote for the overall winner of the award.
Gerrard was appointed as England captain earlier in the year after Roy Hodgson took over as manager and the Liverpool midfielder went on to help the Three Lions to the quarter finals of the European Championships.
The 32-year-old, who has won the award previously, missed just two of England's 13 internationals this year and joined an elite group when he won his 100th England cap against Sweden.
Cole, who missed a penalty in the shoot-out defeat to Italy in the summer, will be hoping to win the award for the second time having won it in 2010.
Hart, 25, kept five clean sheets in 11 matches for his country this season as he became one of England's most important players.
At the other end of the pitch United youngster Welbeck scored five goals in 11 matches, including a delightful flick against Sweden during the European Championships.
Johnson, 28, completes the shortlist having contributed to four clean sheets in his nine appearance for England this year.