Tottenham left winger Bale and Arsenal midfielder Nasri are the favourites to land the award for their early season performances.
Also nominated are Scott Parker, Rafael van der Vaart, Charlie Adam and Carlos Tevez.
Nemanja Vidic also makes the shortlist.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.