The Japan international is joined on the four-man shortlist by Hoops teammates Callum McGregor and Reo Hatate, as well as Motherwell striker Kevin Van Veen.
Furuhashi is enjoying a stellar campaign in front of goal for Ange Postecoglou's side and is currently the Scottish Premiership's top scorer with 24 goals in 32 league appearances.
The 28-year-old, who arrived at Parkhead in the summer of 2021, scored his 50th Celtic goal in the 2-0 win over Hearts on Sunday to help the Hoops retain the top-flight title with four games to spare.
Furuhashi faces stern competition to claim the award from last season's winner McGregor, who has admirably led Celtic to back-to-back titles and the eighth of his senior career.
The 29-year-old midfielder has captained the Hoops to 24 victories in 27 Premiership matches so far this term and has chipped in with three goals.
McGregor could become the first ever-player to win the Player of the Year award in successive seasons and just the third player to win the award twice after former Celtic duo Henrik Larsson (1998-99 and 2000-01) and Scott Brown (2008-09 and 2017-18).
Another Celtic midfielder on the shortlist is Japan international Hatate who has quickly established himself as a key cog in Postecoglou's machine in his first full season at Parkhead.
The 25-year-old, who joined the Hoops in January 2022, has contributed with five goals and seven assists in 28 Premiership appearances this term, including his latest assist for Furuhashi in last weekend's 2-0 win at Hearts.
Motherwell marksman Van Veen is the final nominee after scoring an impressive 21 Premiership goals in 34 appearances, sitting just three goals behind Furuhashi in the race for the Golden Boot.
The 31-year-old has particularly excelled since the beginning of February, netting 13 goals in his last 12 games, and he is hoping to become just the second Motherwell player in history to win the Player of the Year award after Michael Higdon in the 2012-13 campaign.
Meanwhile, Celtic also have two players nominated for the PFA Scotland Young Player of the Year award, with Matt O'Riley and Liel Abada among a four-man shortlist with Rangers' Malik Tillman and Albion Rovers' Charlie Reilly.
O'Riley has been a standout performer for the Hoops this term with a Premiership-high 11 assists in 34 appearances, while Abada has recorded 10 goals and three assists despite only starting 10 of his 30 league games this season.
Bayern Munich loanee Tillman has developed into a key attacker for Rangers since joining the club last summer, contributing with 10 goals and three assists in 28 league games, while Reilly is the only nominee outside of the Premiership following an exceptional season with League Two basement club Albion Rovers, scoring 22 goals in 34 matches.
The winners of the Player of the Year and Young Player of the Year awards will be announced on May 14.