The England international is joined by compatriots Declan Rice of Arsenal, Chelsea star Cole Palmer and Aston Villa's Ollie Watkins, as well as City star Erling Haaland, Gunners captain Martin Odegaard, Liverpool veteran Virgil van Dijk and Newcastle talent Alexander Isak.
Haaland could win the accolade for the second season running but faces stiff competition from his teammate and both Arsenal nominees - with the winner ultimately coming down to a fan vote and Premier League panel.
The 2023/24 Player of the Season will be announced on Saturday, May 18.
Foden seems the current favourite with 16 goals and eight assists, although Haaland leads the league's scoring charts with 25.
Rice and Odegaard have also been excellent and played pivotal roles in Arsenal's challenge for a first Premier League title in 20 years.
Van Dijk has had a typically superb campaign at the heart of Liverpool's defence, while Palmer, Watkins and Isak have all had exceptional individual seasons with their respective clubs.
Nominees have also been announced for the Manager of the Season and Young Player of the Season.
City boss Pep Guardiola and his Arsenal counterpart Mikel Arteta are the front runners again, alongside Jurgen Klopp of Liverpool and Villa's Unai Emery.
There has also been some recognition for Bournemouth manager Andoni Iraola, who has got the Cherries pushing for a top-half finish.
Guardiola could win a staggering fifth Manager of the Season award but faces competition, particularly from Arteta and Emery.
As for the Young Player of the Season, two-time winner Foden is among the nominees again - as well as Haaland, Palmer and Isak.
On top of those four, Arsenal stars William Saliba and Bukayo Saka are being considered, alongside Tottenham defender Destiny Udogie and Manchester United midfielder Kobbie Mainoo.
Player of the Season nominees
Phil Foden (Manchester City)
Erling Haaland (Manchester City)
Declan Rice (Arsenal)
Martin Odegaard (Arsenal)
Alexander Isak (Newcastle)
Cole Palmer (Chelsea)
Ollie Watkins (Aston Villa)
Virgil van Dijk (Liverpool)
Young Player of the Season nominees
Phil Foden (Manchester City)
Erling Haaland (Manchester City)
Bukayo Saka (Arsenal)
William Saliba (Arsenal)
Alexander Isak (Newcastle)
Cole Palmer (Chelsea)
Destiny Udogie (Spurs)
Kobbie Mainoo (Manchester United)
Manager of the Season nominees
Pep Guardiola (Manchester City)
Mikel Arteta (Arsenal)
Jurgen Klopp (Liverpool)
Unai Emery (Aston Villa)
Andoni Iraola (Bournemouth)