Watford striker Odion Ighalo, Leeds midfielder Luke Murphy, Wolves defender Richard Stearman and Middlesbrough midfielder Lee Tomlin are fighting it out for the players' prize.
Murphy is becoming the key to the Leeds midfield with his cultured passing and eye for goal. The 25-year-old provided an assist at Huddersfield and also found the target himself on two occasions in January - equalising against Birmingham and producing a stunning winner against leaders Bournemouth.
The managers' shortlist is comprised of Middlesbrough's Aitor Karanka, Derby's Steve McClaren, Leeds' Neil Redfearn and Mark Warburton of Brentford.
Redfearn has led an impressive improvement at Elland Road and banked eight points over the course of the month.