The 19-year-old forward has enjoyed an exceptional 2023/24 so far, with eight goals and six assists across 23 games in all competitions.
He has been nominated for this month's award due to his performances against Blackburn Rovers, a 3-3 draw where he drew Palace level twice late on, and against Brighton & Hove Albion where he scored the winner with a towering header.
Umeh also delivered in the Premier League Cup in January, helping the side to a 3-0 win over Birmingham City with two assists, and has carried his form into February - assisting Luke Plange for the winner in the following group game against Ipswich Town.
Nominees were selected by the Premier League Football Development Panel. The panel will also decide the winner, who will be announced next week.