Guendouzi's emergence as a regular starter for the Gunners, and Mount's excellent progress at Chelsea, has earned them both recognition.
Meanwhile, Borussia Dortmund's English attacker Jadon Sancho also features on the list after another eye-catching year in Germany. The 19-year-old has also established himself as a key player for Gareth Southgate's England side, and now has 10 caps to his name.
The award is given by football journalists to the young player they believe has been the most impressive over a calendar year.
It was originally conceived by Italian paper Tuttosport in 2003, in order to recognise the achievements of players under 21 years old.
Previous winners include Wayne Rooney, Raheem Sterling and Paul Pogba, while Dutch centre-back Matthijs de Ligt was last year's winner amid an influential campaign at Ajax.
Felix scored 20 goals and provided 11 assists in 43 games during the 2018/19 campaign, which earned him a €120m move to Atelti.
Barcelona's teen sensation Ansu Fati also has also made the cut after his surge to prominence in Ernesto Valverde's first team.
Real Madrid's Rodrygo makes the list too, after impressive displays for Los Blancos so far this season.
Shortlist in full:
- Matthijs de Ligt (Juventus, Holland)
- Alphonso Davies (Bayern Munich, Canada),
- Gianluigi Donnarumma (Milan, Italy)
- Ansu Fati (Barcelona, Spain)
- Phil Foden (Man City, England)
- Matteo Guendouzi (Arsenal, France)
- Erling Haaland (RB Salzburg, Norway)
- Kai Havertz (Bayer Leverkusen, Germany)
- Joao Felix (Atletico Madrid, Portugal)
- Dejan Joveljic (Eintracht Frankfurt, Serbia)
- Moise Kean (Everton, Italy)
- Kang-in Lee (Valencia, South Korea)
- Andrij Oleksijovyc (Valladolid, Ukraine)
- Danyell Malen (PSV Eindhoven, Netherlands)
- Mason Mount (Chelsea, England)
- Rodrygo (Real Madrid, Brazil)
- Jadon Sancho (Borussia Dortmund, England)
- Ferran Torres (Valencia, Spain)
- Vinicius Jr (Real Madrid, Brazil)
- Nicolo Zaniolo (Roma, Italy)
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