Among the elite clubs, Josko Gvardiol (Manchester City), Bukayo Saka (Arsenal) and Cole Palmer (Chelsea) are in the running, but they have arguably been outshone by Nottingham Forest's Chris Wood and Bryan Mbeumo of Brentford this month.
Brighton & Hove Albion's Danny Welbeck is also up for the award, along with Facundo Buonanotte, who is on loan at Leicester City from the Seagulls.
The Premier League have also shown some love to the goalkeeper's union, as Forest stopper Matz Sels rounds off the eight-man list for October.
Who deserves Premier League Player of the Month for October?
Instantly, eyes will be drawn towards the form of Wood, who has netted four goals in three games for Forest this month, helping them to seven points, catapulting them up into the European places.
Teammate Sels has done his job at the other end, making 14 saves to ensure Forest ended the month unbeaten, and the Belgian also set up Wood for his second goal Leicester last Friday.
Mbeumo has been the spearhead in a thrilling Brentford team this month that beat Wolves 5-3 and Ipswich Town 4-3, scoring three goals across those two games, including the winner in the latter.
It has also been a month to remember for Welbeck, who rolled back the years by scoring in three straight PL games for the first time in a decade, netting once in each of October's fixtures.
Palmer has been the talisman for Chelsea once again, but failed to deliver at Anfield in defeat to Liverpool, while Gvardiol has only kept once clean sheet for Man City, but did score a stunning goal in the win at Wolves.
Therefore, out of the elite candidates, Saka looks the most deserving on face value, having played a crucial role in the 3-1 win over Southampton, being involved in each goal, before netting against Liverpool last week.
Round-up of the other Premier League monthly awards
As well as the contenders for Player of the Month, the Premier League have also released the candidates for Manager of the Month, Goal of the Month and Save of the Month.
Nuno Espirito Santo is the front-runner for the manager's gong, as his Nottingham Forest side took seven points from a possible nine this month, holding Chelsea at Stamford Bridge, before beating Crystal Palace and Leicester, taking them to seventh.
Pep Guardiola won three from three as expected, and Arne Slot saw his Liverpool side also take seven points after drawing at the Emirates, while Fabian Hurzeler may be overlooked after his Brighton side capitulated late on against Wolves at the weekend.
Palmer and Jhon Duran have been the two winners of the Goal of the Month award so far, and Gvardiol is the favourite to take it this time around, after his powerful strike helped Man City to a win over Wolves.
Another powerful effort from Gvardiol's teammate Jeremy Doku is in with a shout though, as is Saka's fine solo effort for Arsenal against Liverpool last Sunday.
There are six contenders in the shortlist for Save of the Month, and it is a very difficult one to call, with Robert Sanchez (vs. Forest), Sels (vs. Crystal Palace), Mads Hermansen (vs. Forest) and Dean Henderson (vs. Spurs) all in with a great shout.
Player of the Month nominees:
Facundo Buonanotte (Leicester City)
Josko Gvardiol (Manchester City)
Bryan Mbeumo (Brentford)
Cole Palmer (Chelsea)
Bukayo Saka (Arsenal)
Matz Sels (Nottingham Forest)
Danny Welbeck (Brighton & Hove Albion)
Chris Wood (Nottingham Forest)
Manager of the Month nominees:
Nuno Espirito Santo (Nottingham Forest)
Arne Slot (Liverpool)
Pep Guardiola (Manchester City)
Fabian Hurzeler (Brighton & Hove Albion)
Goal of the Month nominees:
Facundo Buonanotte (vs. Bournemouth)
Andreas Pereira (vs. Manchester City)
Jeremy Doku (vs. Fulham)
Alejandro Garnacho (vs. Brentford)
Ryan Christie (vs. Arsenal)
Josko Gvardiol (vs. Wolves)
Nicolas Jackson (vs. Newcastle United)
Bukayo Saka (vs. Liverpool)
Save of the Month nominees:
Robert Sanchez (vs. Nottingham Forest)
Jose Sa (vs. Manchester City)
Matz Sels (vs. Crystal Palace)
Mads Hermansen (vs. Nottingham Forest)
Mark Travers (vs. Aston Villa)
Dean Henderson (vs. Tottenham)