The award honours the best Under-21 player in the world, and Saka is joined by England team-mate Jude Bellingham on the 10-man shortlist.
Eduardo Camavinga, Gavi, Jamal Musaila, Josko Gvardiol, Ryan Gravenberch, Karim Adeyemi, Nuno Mendes and Florian Wirtz make up the rest of the nominees.
Saka thrived under Mikel Arteta last season, scoring 11 goals and providing seven assists to shake off the disappointing end to England's Euro 2020 tilt.
The 20-year-old was subsequently named Arsenal's Player of the Season for the second season running.
Saka is not the favourite for the award though, with Real Madrid's Eduardo Camavinga expected to pick up the honour after playing a crucial role in his club's Champions League success.
The winners will be announced in Paris on Monday, October 17.