Bayern Munich duo Robert Lewandowski and Manuel Neuer are also nominated for the award.
De Bruyne was Europe’s leading assist maker last term, ending the Premier League campaign with a record-equalling 20.
Across all competitions, he scored 16 times and assisted 23.
The winner will be confirmed during the 2020-21 UEFA Champions League draw ceremony in Nyon on Thursday 1 October.
UEFA’s criteria for the nominations is as follows:
"The shortlist of three players was selected by a jury comprising the 80 coaches of the clubs that participated in the group stages of the 2019/20 UEFA Champions League (32) and UEFA Europa League (48), along with 55 journalists selected by the European Sports Media (ESM) group, one from each of UEFA's member associations.
"Jury members chose their top three players, with the first receiving five points, the second three and the third one. Coaches were not allowed to vote for players from their own team."