The 19-year-old played every minute for the Under-21s in March, as the Development side notched up three wins from three difficult games against Everton, Arsenal and Liverpool.
It has been another season of progress for Adaramola, who made his first-team debut in the FA Cup last season and has featured 25 times for the Under-21s in 2022/23. He has also been a regular for the Republic of Ireland Under-21s side, alongside Palace teammate Killian Phillips.
The nominees are selected by the Premier League's Football Development Panel, after PL2 club coaches nominated the best performance by an opponent in each of their league matches in the month.
The winner will be determined by the Panel and announced next week.