Scotland defender Lee Wallace, midfielder Nicky Law and 25-goal striker Jon Daly have all been put forward as the third tier's top performer alongside Ayr's Michael Moffat.
The unbeaten Ibrox side have already clinched promotion to the Championship for next season having won 30 of their 32 league fixtures so far this term.
The Championship award will be fought over by Anthony Andreu of Hamilton Accies, Cowdenbeath striker Kane Hemmings, Falkirk's Rory Loy and Dundee hitman Peter MacDonald.
And the League Two prize will go to one of either Lee Currie of Berwick Rangers, Peterhead duo Andy Rodgers and Rory McAllister or Annan Athletic's Kenny MacKay.
The winners will be announced and presented with their awards at a star-studded dinner at the Hilton Glasgow on Sunday, April 27.
PFA Scotland chief executive Fraser Wishart said: "This is the top award for players. There is no greater honour in football than to be voted the best player in your country by your fellow professionals."