The 22-year-old is among a six-player shortlist for the youthful prize that has been voted on by PFA members ahead of the 49th annual ceremony.
This year’s event will take place on Thursday 9 June and be broadcast on the organisation’s social media channels, where the winner will be announced along with the recipients of several other accolades including the men’s and women’s PFA Players’ Player of the Year.
Named alongside Toone in the running is Manchester City’s Lauren Hemp, former Red and now-Chelsea forward Lauren James, Frida Maanum of Arsenal, Jessica Naz (Tottenham Hotspur) and Maya Le Tissier (Brighton & Hove Albion).