Newcastle's under-23 side have enjoyed an impressive month after winning all five of their competitive matches, scoring 15 goals in total.
Touré, who joined the Magpies from BSC Young Boys in the summer of 2018, played a key part in the successful run, netting three times along with recording two assists.
The 19-year-old - who has represented Switzerland at under-20 level - starred in Newcastle's Tyne-Wear derby victory against Sunderland as United's second-string beat their local rivals 2-0 at St. James' Park, with Touré recording a goal and assist during the Premier League 2 clash.
McEntee, 19, is also nominated alongside Touré on a six-man shortlist, with the Irish defender starting all five of United's fixtures, keeping four clean sheets along with scoring in a 6-2 win over Scunthorpe United in the Premier League Cup group stages.
The centre-back - who has captained Republic of Ireland at under-19 level - also recorded an assist during Newcastle's Tyne-Tees victory against Middlesbrough as Chris Hogg's side earned a 2-0 victory at Heritage Park.
The pair will both be aiming to carry on their strong form into March as Newcastle's second-string take on their Exeter City counterparts in the Premier League Cup last 16 on Monday night.
Premier League 2 Player of the Month Shortlist for February 2020:
Teddy Jenks - Brighton & Hove Albion
Tony Gallacher - Liverpool
Adrian Bernabe - Manchester City
Oisín McEntee - Newcastle United
Yannick Touré - Newcastle United
Xande Silva - West Ham United