The 19-year-old featured in the first three games of a busy April for the Eagles and scored three penalties in a row against Chelsea, Blackburn Rovers and West Ham United.
His penalty against Chelsea proved to be the winning goal, and the penalty against West Ham saw the U21s earn a point after playing with 10 men for over an hour.
Wells-Morrison has been a near-constant presence in the Under-21s this season, regularly captaining the side and dictating the play from the centre of the park. He has also featured on the first-team bench in the Carabao Cup and Premier League.
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.