The talented trio were named on the shortlist on Thursday afternoon, with the winner to be announced at the 2014 Football League Awards, which takes place this Sunday at The Brewery in London.
The Sky Bet Player of the Year awards have been voted for by managers of the clubs in each division.
Each manager was asked to list their top five players from this season in order, with the scores added up to get a shortlist and an overall winner.
Rochdale's Scott Hogan, Chesterfield's Gary Roberts and Sam Winnall of Scunthorpe United are the three players in the running for the Sky Bet League 2 Player of the Year award,
Adam Forshaw of Brentford, Wolverhampton Wanderers' Kevin McDonald and Swindon Town's Alex Pritchard make up the three-man shortlist for the Sky Bet League 1 Player of the Year award.
Pritchard is also on the shortlist for the Young Player of the Year, alongside Leicester City's Liam Moore and Derby County's Will Hughes.
Here, Sky Sports looks at the Championship nominees in more detail.
Danny Drinkwater (Leicester City)
It is fair to say that Danny Drinkwater has been a real driving force behind Leicester City's bid for promotion from the Sky Bet Championship this season. The 24-year-old has been an ever-present in the heart of the Foxes' midfield, his work-rate and passing ability making him a real favourite at the King Power Stadium. Drinkwater is one of the Championship's most consistent performers, as recognised by his Player of the Month award for December, and any player in the division will tell you that they have been in a game when facing up to the former Manchester United man.
Danny Ings (Burnley)
Striker Ings has made huge strides as a Sky Bet Championship player this season and his partnership with Sam Vokes is one of the main reasons why Burnley are enjoying a successful campaign. Ings has been almost unstoppable at times in 2013/14 with his pace and movement, allied to some deadly finishing, taking him to the 20-goal mark by the first weekend in January. The 21-year-old's superb form has not gone unnoticed and he is also now a member of Gareth Southgate's England Under-21 squad with two international goals to his name already.
Ross McCormack (Leeds United)
McCormack's prior exploits in the Sky Bet Championship show that his goals tally for 2013/14 should come as no surprise - though this season is the best of his career in terms of scoring. The 27-year-old was the first man to pass 20 Championship goals for the season, doing so when smashing in a hat-trick in the first match of February, while he also scored four times in one game back in November. Combine McCormack's strikes with his assists and he has been involved in around three-quarters of Leeds' goals this season. He also wears the captain's armband and there is no doubt that the Scottish international makes the Yorkshire side tick.