The young midfielder scored 18 times and contributed six assists in 25 league appearances this season, winning February’s PL2 Player of the Month award.
His goalscoring prowess – including a hat-trick against Derby County in the final game of the season – saw him finish as the league’s top scorer at Under-23s level, as Palace secured a fifth place finish ahead of Manchester United, Tottenham Hotspur and Chelsea.
Rak-Sakyi has been a regular in first-team training and made his Premier League debut at Stamford Bridge in August.
Eight nominees were selected by the Premier League Football Development Panel after PL2 club coaches nominated the best performances by opposing players throughout the season.
The panel also decide the winner, who will be announced next week.