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Levante's Navas kept two clean sheets in the group stages as Costa Rica topped Group D ahead of Uruguay, Italy and England, before saving a penalty in the last-16 shootout win over Greece and pulling off a number of saves in the quarter-final loss to Netherlands.
Romero managed four clean sheets during Argentina's run to the final and stopped Ron Vlaar and Wesley Sneidjer from the spot in the shootout victory over Netherlands in the semi-finals.
Guillermo Ochoa misses out despite consistently impressing during Mexico's run to the knockout stages, while Tim Howard is also overlooked despite a record-breaking 16 saves during USA's match against Belgium.
Fifa's Technical Study Group, comprised of selected coaches and football analysts, will determine the winner after Sunday's World Cup final.
Lionel Messi, Neymar and Arjen Robben are among the nominees for the Golden Ball award for best player at the World Cup, while Paul Pogba, Raphael Varane and Memphis Depay are shortlisted for the Best Young Player prize.