The Manchester City head coach guided his team to an incredible season in England's top division, breaking the 100-point barrier for the first time in its history.
However, he faces some stiff competition for the accolade, especially in the form of his Premier League rivals.
Klopp has led Liverpool to the Champions League final, where they will face Real Madrid on May 26, whilst Dyche secured Burnley's place in Europe for the first time in 50 years.
The other candidates include two other title winners in the form of Wolves' manager Nuno Espirito Santo and Accrington Stanley's John Coleman.
Cardiff City's Neil Warnock completes the shortlist after pulling off his eighth career promotion.
Despite some outstanding performances in the lower leagues though, not since Steve Coppell at Reading in 2006 has a manager outside the Premier League won the prestigious award.