South Africa's David Miller and Sikandar Raza of Zimbabwe are also nominated for the title.
India star batter Virat Kohli has been nominated for the first time for the ICC Player of the Month award for October in the men's category.
Along with Virat, the Asia Cup-winning duo of Jemimah Rodrigues and Deepti Sharma were also nominated in the women's category for the month of October.
While Kohli, following his heroics with the bat in the T20 World Cup, wins against Pakistan and the Netherlands made it to the nominations. On the other hand, Rodrigues, and Sharma were shortlisted after they played crucial roles in the Indian women's team's Asia Cup triumph.
Rodrigues ended the tournament as the leading run-scorer, while teammate Sharma was named Player of the Tournament and joint-leading wicket-taker.
However, the highlight of Kohli's batting was the era-defining innings played in Melbourne, as his side claimed a historic victory against Pakistan.
The display saw Kohli lift his side from 31 for four to chase down 160 off the final ball, thanks to an unbeaten 82 from 53 balls.
In the men's category following players have been nominated:
- David Miller (South Africa)
- Sikandar Raza (Zimbabwe)
- Virat Kohli (India)
In women's cricket, Rodrigues, who was previously nominated in August following her stellar displays in the Commonwealth Games, was once again the driving force behind India's recent success.
When her side rejoiced in the victory over Sri Lanka in the final, Rodrigues was the leading run-scorer for the tournament, having amassed 217 runs from eight matches at an average of 54.25.
Sharma, too, enjoyed a prolific month during the Asia Cup. Her 13 wickets at a remarkable average of 7.69 underlined the consistent threat she posed with the ball, including impressive figures against Pakistan and Thailand.
Nida Dar is the final candidate in contention for claiming the award for October as her handy contributions with bat and ball drove Pakistan to the semi-finals of the Asia Cup.