The award goes to the world’s best under-21 player, and Saka is joined by England team-mate Jude Bellingham on the shortlist of 10 finalists.
Eduardo Camavinga, Gavi, Jamal Musaila, Josko Gvardiol, Ryan Gravenberch, Karim Adeyemi, Nuno Mendes and Florian Wirtz make up the rest of the nominees.
Saka thrived under Mikel Arteta last season, scoring 11 goals and providing seven assists to shake off England’s disappointing end to Euro 2020 tilt.
The 20-year-old was subsequently named Arsenal’s Player of the Season for the second consecutive season.
Saka is not the favorite for the award, however, with Real Madrid’s Eduardo Camavinga set to claim the honor after playing a crucial role in his club’s Champions League success.
The winners will be announced in Paris on Monday, October 17.