Rak-Sakyi helped Palace Under-23s secure three huge wins over Chelsea, Liverpool and Manchester United, which pushed the Eagles to fifth in the top-flight.
He was nominated by the Premier League Football Development Panel, who will also select the winner.
Rak-Sakyi made his professional debut against Chelsea at the start of this season, and has played 12 games for the U23s so far, scoring nine.
He scored twice in November and featured for almost every minute of Palace's four games, playing the full match with Blackburn Rovers and Chelsea and coming off after 90 and 89 minutes respectively against United and Liverpool.
His goals against Chelsea and United ensured 2-1 victories, with his effort against the Red Devils coming after just two minutes.
We will share how Jes gets on across cpfc.co.uk, the official app and social media shortly.