Christian Benteke and 2011 Player of the Year winner Gareth Bale - who is also on the shortlist this term - make up the rest of the names up for the end-of-season award.
Hazard and Bale are also included on the Player of the Year shortlist, with the Chelsea attacker grabbing eight goals and nine assists so far since making the 32 million pound switch from Lille last summer, while Tottenham's talisman has scored 17 times - laying on a further three for teammates - in a stunning campaign.
Bale previously won the main award in 2011, while Wilshere was named Young Player of the Year on the same night.
Lukaku, on loan at West Brom from Chelsea, had been a key component behind the Baggies' march toward European qualification this season after being afforded the opportunity to impress by Steve Clarke, notching 13 goals, with most coming as a substitute.
Benteke has been one of the surprise packages of the season. Arriving as a near-unknown to Prmeier League fans from Belgian side Genk for 7 million pounds, the 22-year-old has hit the back of the net 15 times in 30 league outings and forced proved goalscorer Darren Bent to the substitutes' bench.
Jack Wilshere has returned from a 17-month injury layoff to feature 20 times for Arsenal this term. His performances have waned of late, but he has given his team a much-needed spark as the Gunners' end-of-season form picked up ahead of a crucial run-in.
Danny Welbeck enjoyed a fine summer - notching his first two goals for England - but has struggled for starts at Manchester United after a highly successful debut campaign in the first team last term. The striker has netted just one goal in the Premier League this season, which came in a 4-2 win over Stoke City in October.
The winners of the award will be announced in London on April 28.
|James Richardson, Les Ferdinand & Goal.com's Peter Staunton run through the biggest tranfser talking points of the week.
CLICK THE IMAGE TO SEE THE FIRST EPISODE!