According to a report in 'The Times', Monty is one among the three English players in contention for the trophy won by Pietersen last year - the other two being Alastair Cook and Ian Bell.
The report says not a single member of the World Champion Australian team made it to the initial nominations, which includes Denesh Ramdin (West Indies), Malinga Bandara and Upul Tharanga (Sri Lanka), Mohammad Asif (Pakistan) and Shahriar Nafis (Bangladesh).
Also nominated in the ICC Player of the Year category, Monty is likely to be a strong contender in the 'Emerging Player' category.
The panel which selected the initial nominations for the 'Emerging Player' category comprised former Indian captain Sunil Gavaskar, Allan Donald, Ian Healy, Waqar Younis and Arjuna Ranatunga.
The winner will be determined by the 'ICC Academy' comprising 56 members. The awards are slated to be held on Nov 3 in Mumbai after the ICC postponed the function from the originally scheduled Oct 23 due to the date's proximity to festivals of Diwali and Eid in India.