Iwobi’s nomination was confirmed on Arsenal’s website on Sunday.
Other players also nominated are Alexis Sanchez, Mesut Ozil, Alex Oxlade-Chamberlain and Theo Walcott.
Iwobi was one of Arsenal’s outstanding players in December scoring two goals.
Iwobi scored Arsenal’s fourth goal in their 4-1 away win against Basel on matchday 6 of the UEFA Champions League.
Iwobi was also on target again for Arsenal who beat Stoke City 3-1 in the Premier League at the Emirates Stadium.
Iwobi was voted 2016 CAF Youth Player of the Year at the CAF awards in Abuja.
By Aigbogun C.