Both Mo Salah and Kevin De Bruyne have been in tremendous form for their respective clubs this season.
The victor, voted for by PFA members, will be announced at a ceremony at London's Grosvenor House on April 22.
De Bruyne has registered a league-best 12 assists for City, while also scoring seven times.
Mohamed Salah has been in sensational form Liverpool this season, having registered 29 goals and five assists in the Premier League this season. He leads the assist charts with 15 and has scored 7 goals plus he played his part in winning the League Cup.
German worldwide Sane has been directly involved in 21 goals this season for City, scoring nine times and adding a further 12 assists, which is second only to De Bruyne.
Kane, 24, is also up for the PFA Young Player of the Year award.
David de Gea (Manchester United) and Harry Kane (Tottenham Hotspur) made the list of final names vying for the prestigious accolade - which is voted for by PFA members from the 92 Premier League and Football League teams.
City team-mate Sterling has been impressive in front of goal this term, and his 16 league strikes place him joint fourth in the competition.
There is also a surprise inclusion in the PFA Young Player of the Year shortlist as a Championship starlet has been included with a host of Premier League superstars.
De Bruyne has been the catalyst for the Citizens' unrivalled march to the Premier League title and had been the favourite to scoop the award for most of the season although the bookies have recently awarded that title to his main rival.