The Academy graduate has shone during his season-long loan with Charlton Athletic, recording 19 direct goal involvements, including seven in his last six games.
His 13 goals include an impressive brace on Easter Monday, to go along with six assists for the 20-year-old.
Rak-Sakyi faces competition for the award from Ipswich Town midfielder Cameron Humphreys and Plymouth Arygle’s Bali Mumba.
The winner will be announced at the EFL Awards at the Grosvenor House Hotel, Park Lane on Sunday, 23rd April.
Last summer, Rak-Sakyi signed a five-year deal with Crystal Palace, committing his future to the club until summer 2027.