The attacker is in line for the December honour following a run of good performances within the 31-day period.
He faces competition from USA full-back DeAndre Yedlin and English centre-back Jamaal Lascelles.
Atsu played six games in December, starting in all of them.
His standout fixture was the December 23 clash with West Ham United, against whom he scored and provided an assist for another goal in a dramatic 3-2 win.
Atsu currently boasts of 18 Premier League outings, involving 15 starts and two goals this campaign.
He joined Newcastle permanently in June after helping the team secure topflight promotion during a loan stint from giants Chelsea last season.