The Nigeria international will battle Ederson,Luis Muriel, Gianluca Scamaca and Saed Kolasinac for the award.
The 26-year-old scored twice for Gian Piero Gasperini's side in the month.
Lookman has netted three times in 10 league appearances for Atalanta this season.
The winger scooped La Dea's Player of the Season award last term.
The former Leicester City player is expected to be in action when Atalanta host Inter Milan at the Gewiss Stadium on Saturday (today).
Gian Piero Gasperini's side currently occupy fourth position on the Serie A table with 19 points from 10 games.
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