The pair, both 23, joined Newcastle United last summer from Lille and Real Sociedad respectively and have enjoyed superb first campaigns in England's top flight, with Isak scoring ten goals in 19 league appearances so far and Botman making 33 appearances as the Magpies have kept ten clean sheets.
Arsenal have three players on the shortlist - Gabriel Martinelli and Bukayo Sako, both 21, and Martin Ødegaard, 24 - while Brighton & Hove Albion duo Moises Caicedo, 21, and 24-year-old Alexis Mac Allister are also nominated alongside Manchester City's 22-year-old forward Erling Haaland.
Voting is now open here, and closes at 12:00 (BST) on Monday, 22nd May. The winner will be announced on Saturday, 27th May.