Van Persie, who has fully recovered from recent injury troubles, has cemented his place back in the Gunners' starting lineup and has bagged five goals in his last three games in the Premier League - including the double that beat Wolves 2-0.
Having helped Netherlands make it to the final of the 2010 World Cup, the striker has much to prove with his club as he has only shown glimpses of his obvious talent, with injuries hampering his development thus far.
Joining Van Persie on the shortlist is Liverpool's new signing Raul Meireles, who has been very impressive in helping to turn around the club's form in recent games.
The Portuguese midfielder scored three goals in three games in February, including the winner in the 1-0 defeat of Chelsea and has added to his tough-guy reputation by showcasing his attacking flair.
With Liverpool snatching striker Andy Carroll away from Newcastle in January, a substantial portion of the Magpies' hopes are now pinned on controversial midfielder Joey Barton.
Barton's influence on the side has been great, as his two goals helped the Magpies to come back from 4-0 down against Arsenal to claim a memorable draw, while he has also managed to stay out of trouble long enough to put in some consistently excellent performances.
Consistency has not been a problem for Manchester City's Carlos Tevez this season as he has been banging in the goals with regularity. A hat-trick at the start of the month against West Brom saw him continue his rich vein of form, although he was less impressive as City lost the derby to United.
Part of the reason for that defeat was due to the goal scored by United's Nani. An excellent piece of control and finish set his side on his way and then his cross eventually found the boot of Wayne Rooney for a sublime winner. Nani also found the net in the 2-1 defeat to Wolves to cap a very decent personal month for the Portuguese winger.
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ESPN PFA AWARD SHORTLIST - FEBRUARY
Joey Barton (Newcastle)
Raul Meireles (Liverpool)
Luis Nani (Man Utd)
Carlos Tevez (Man City)
Robin Van Persie (Arsenal)
Craig Bellamy (Cardiff City)
Matty Fryatt (Hull City)
Robert Snodgrass (Leeds Utd)
Adel Taarabt (QPR)
Connor Wickham (Ipswich Town)
Gary Jones (Rochdale)
Rickie Lambert (Southampton)
Craig Mackail-Smith (Peterborough United)
Glenn Murray (Brighton & Hove Albion)
Myles Weston (Brentford)
Stuart Fleetwood (Hereford United)
Ashley Grimes (Lincoln City)
Cody McDonald (Gillingham)
Leon McKenzie (Northampton Town)
Nicky Wroe (Shrewsbury Town)