Gerrard became only the sixth England player to reach 100 caps in Sweden last month and was regarded as one of the stand-out performers at Euro 2012, when Roy Hodgson's team were knocked out in the quarter-finals by Italy.
The 32-year-old won the award in 2007, and has finished in the top three on three other occasions, highlighting his consistency over an international career that now extends over 12 years.
Gerrard is joined on the list by Liverpool team-mate Glen Johnson and also Joe Hart and Ashley Cole, who won it in 2010.
In addition, Manchester United's Danny Welbeck is also amongst the nominees after emerging as top scorer in 2012 with five goals.
Supporters can vote for their choice on the FA website, with the winner due to be confirmed at an awards' dinner at St George's Park on Sunday, February 3.