The Liverpool full-back is one of six nominees for the prestigious annual accolade, which he won in 2020 after helping his side clinch the Premier League title.
This season, Alexander-Arnold was integral to a late-season surge that saw the Reds finish third in the top flight on the back of a 10-game unbeaten run.
He made 45 appearances in all competitions, scoring two goals and providing nine assists, with Jürgen Klopp’s side also reaching the Champions League quarter-finals.
Alexander-Arnold is up against Bukayo Saka (Arsenal), Declan Rice (West Ham United), Mason Greenwood (Manchester United), Mason Mount (Chelsea) and Phil Foden (Manchester City) to retain the award.