The utility man is a strong candidate for the monthly gong, alongside all players to have featured for the club in the month, following a good start to the season.
Ivorian star Wilfried Zaha, who just broke the club's goal record in the Premier League, enterprising young full-back Aaron Wan-Bissaka and goalkeeper Wayne Hennessey are the other top contenders.
Schlupp has started all four games of the season so far. Three of the matches were Premier League fixtures, with the last a League Cup tie against Swansea City on Tuesday.
His biggest moment, undoubtedly, came in the league opener at Fulham where his strike into the roof of the net helped The Eagles secure a valuable 2-0 away triumph.
The utility man, who can play at left-back, on the left wing or as a striker, has been deployed in left midfield this term.
The winner of the award is expected to be decided by public votes via the club's official website.
The German-born joined Palace from Leicester City in January last year.