The France international is on a 20-player shortlist for the prize, which celebrates the success of Europe's best young players.
Speaking about his nomination for the award, Matteo revealed his pride and also the admiration he has for the competition.
"It shows that I've been working hard at Arsenal and have also done well at international level," Guendouzi told Arsenal Player.
"I think it's a reward for all the hard work that I've done at the club and the good displays I've produced, but it also reflects my progress in training and how much I've come on as a player here.