Despite three defeats in December, there were plenty of positive performances across the board for Laura Kaminski's team.
Goals from Mille Gejl and Indiah-Paige Riley saw Palace race into a 2-0 lead away to West Ham before an eventual defeat in East London.
There were stellar defensive performances in December from captain Aimee Everett and Hayley Nolan, who made her long awaited return to the side.
Sweden international My Cato also had another strong month in the heart of the Palace midfield.
The shortlist for the award was compiled by an internal panel. Results will be announced soon.