Both players have in superb form since the resumption of Premier League football.
Sterling has scored 9 league in 10 games, pushing him to within two of a century for City in all competitions.
And De Bruyne has been similarly productive, scoring five in 10 and contributing five assists.
Indeed, the Belgian ended the season by winning the Playmaker of the Season award for the second time in three seasons having registered 20 assists, equalling Thierry Henry's 17-year record.
The duo are shortlisted alongside Michail Antonio (West Ham), Christian Pulisic (Chelsea), Bruno Fernandes and Anthony Martial (both Manchester United).
Voting closes at 8am on August 3.