Jackett is up against Sheffield United's Nigel Clough, Peterborough United's Darren Ferguson and Oldham Athletic's Lee Johnson in the manager category.
Edwards, meanwhile, will compete with Rotherham United striker Kieran Agard, Preston North End forward Paul Gallagher and Notts County midfielder Jack Grealish for the player award.
The judging panel comprises Sky Sports' Football League expert Don Goodman, Football League head of communications John Nagle, League Managers' Association director Olaf Dixon and Sky Bet head of football Paul Wiggins. The winners will be announced on the morning of Friday, May 2.
Here, Sky Sports considers more closely the managers in contention.
Nigel Clough (Sheffield United)
Clough maintained his Blades side's focus admirably, demanding and receiving maximum effort outside their FA Cup semi-final defeat to Hull at Wembley. They gained five points from three unbeaten games against promotion-chasing Brentford, Leyton Orient and Rotherham United.
Darren Ferguson (Peterborough United)
Ferguson used the positive experience of his Posh team's Johnstone's Paint Trophy triumph over Chesterfield to inspire a charge which earned a play-off berth. Five wins from seven games in a busy month brought 13 goals and a return to the Cambridgeshire club's autumn form.
Kenny Jackett (Wolves)
Jackett guided his Wolves side to another 14 points from six games which won them promotion, the Sky Bet League 1 title and a century of points. The former Swansea manager has brought team spirit back to Molineux and is now relishing the prospect of life back in the Championship.
Lee Johnson (Oldham Athletic)
Johnson has provided a fine example of managing resources as Oldham secured their Sky Bet League 1 status following clinical 1-0 away victories at relegation rivals Colchester United and Carlisle United. The 32-year-old has stuck to his footballing principles and passing game with impressive resilience.
Sky Sports also takes a look at the contenders for the Player of the Month award.
Kieran Agard (Rotherham United)
The 24-year-old Millers striker has hit five goals in six games - having been used in a wide role, he began operating more centrally in April. His positional sense found him the necessary space in the area. Agard proved his worth to score as a substitute against Port Vale.
David Edwards (Wolverhampton Wanderers)
A hard-working presence in the centre of the Wolves midfield all season, Edwards discovered his goalscoring touch in April. The 28-year-old Wales international scored in four separate games including in the 2-0 victory at Crewe Alexandra as Wolves sealed promotion.
Paul Gallagher (Preston North End)
An outstanding month for the Scot who created havoc on both wings for North End. Of the 14 goals Preston scored in three home games, 29-year-old Gallagher scored four, including a hat-trick in the 5-2 win over Shrewsbury Town. He set up eight more with his passing and mobility.
Jack Grealish (Notts County)
The 18-year-old Republic of Ireland Under-21 international winger has been a revelation since joining the Magpies on loan from Aston Villa. His willingness to take on defenders helped County to three vital home wins, turning defenders inside out to set up two goals against Port Vale and another versus Swindon Town.