The Reds full-back appears alongside Anfield team-mates Virgil Van Dijk – last year’s recipient – Jordan Henderson and Sadio Mane in the six-strong list of nominees for the main men’s prize.
They are accompanied on the shortlist by Manchester City duo Kevin De Bruyne and Raheem Sterling.
The Liverpool quartet have been rewarded for the roles they played in the club’s first title success in 30 years, finishing 18 points clear of second-placed City.
England international Alexander-Arnold, 21, and Van Dijk played in all 38 league games while Henderson captained the side impressively and Mane scored 22 goals in all competitions.
De Bruyne enhanced his reputation with a series of stunning individual displays, while England star Sterling scored 35 goals for club and country.
Alexander-Arnold is joined on the Young Player of the Year list – nominees had to be 21 or under on July 1, 2019 – by Manchester United pair Marcus Rashford and Mason Greenwood, Chelsea striker Tammy Abraham and club-mate Mason Mount and Arsenal teenager Bukayo Saka.
Pick that out! 💥#ThrowbackThursday ⇢ @Bethany_Eng15's fabulous finish in our league opener last season! 🤩 pic.twitter.com/cjprfodR6b
— Chelsea FC Women (@ChelseaFCW) September 3, 2020
Chelsea players dominate the candidates for the Women’s Player of the Year category with Beth England, Sophie Ingle, Guro Reiten and Ji So-yun all included.
Holder Vivianne Miedema and her Arsenal team-mate Kim Little complete the list.
The Blues narrowly won the Women’s Super League title ahead of Manchester City on a points-per-game basis when last season was called to a halt because of the coronavirus pandemic.
Striker England scored 21 goals in all competitions playing ahead of midfielders Ingle, Reiten and Ji as the Blues claimed the title and the Continental League Cup.
Team-mate Erin Cuthbert finds herself surrounded by Manchester-based players in the Young Player of the Year category alongside City’s Lauren Hemp, Chloe Kelly, Ellie Roebuck and Georgia Stanway and United’s Lauren James.
The winners will be announced on Tuesday next week.