Ivory Coast midfielder Toure became just the second man to win the prestigious CAF award for a third consecutive year last January, and is now in line to win an unprecedented fourth straight award.
Abedi Pele of Ghana won the award three times in a row under its previous guise of France Football's African Player of the Year from 1991.
Toure's nomination is recognition of a superb domestic year with Manchester City that saw him collect the Premier League title and the League Cup.
The 31-year-old scored 20 goals in 35 Premier League appearances for Manuel Pellegrini's side in the 2013-14 campaign, as they held off Liverpool's challenge by two points.
The Gabon international scored 13 Bundesliga goals last term to help Jurgen Klopp's men to a second-placed finish and the DFB-Pokal final.
Ghana's Asamoah Gyan and Nigeria's Ahmed Musa were previously on a five-man list, before that was whittled down to three on Thursday.
