The two players are Lazarous Kambole and Austin Muwowo, who have joined Chiefs and Pirates respectively ahead of the 2019/20 season.
Kambole and Muwowo have been nominated along with Red Arrows captain Bruce Musakanya.
The Football Association of Zambia (Faz) revealed the news on their official Twitter page on Friday afternoon.
"The MTN Faz 2019 Awards will be held in Lusaka on 31 July 2019."
"The Top three nominees for Footballer of the Year are Austin Muwowo, Bruce Musakanya and Lazarous Kambole," a statement read.
Muwowo will also share the Zambian Super League Golden Boot award with Napsa Stars' Laudit Mavugo and Forest Rangers player Adams Zikiru.
The trio finished the 2019 season tied on 10 league goals each.
Muwowo, who was on loan at Rangers last season, has recently completed a move to Pirates from Zambian giants Nkana FC.
The promising winger will be hoping to emulate his new Pirates team-mate Augustine Mulenga, who won the 2017 Zambian Footballer of the Year accolade.
On the other hand, Kambole played an important role in helping Zesco United win the 2019 Zambian Super League title.
Chiefs have since snapped up the highly-rated striker, who has been linked with Baroka FC and Pirates in the past.