Other Premier League stars nominated for the Golden Boy award include Raheem Sterling, Luke Shaw and Calum Chambers.
The Golden Boy is an annual award put together by journalists across the continent where the 40 top players under the age of 21 are shortlisted, with the eventual winner being selected at a later date.
Those available for selection must also be playing in one of Europe's top flight leagues, and past winners have included Lionel Messi, Wayne Rooney, Cesc Fabregas and Paul Pogba - 2013's winner.
Only Liverpool, Barcelona and Bayern Munich have more players nominated than Spurs, and the recognition is particularly stunning for Bentaleb, who this time last year had yet to make his professional debut for Spurs.
The Algerian international, 19, first turned out for Spurs in last December, and made 20 appearances by the end of the season followed up by 8 this season, with a World Cup campaign coming in the middle.
Dier arrived from Sporting this summer for £4 million and has shone in the Premier League, making 11 appearances and scoring two goals already. He was limited to 14 appearances for the Portuguese side last year.
Below are a selection of Twitter comments relating to the pair's nominations, with more than one arguing that others should have made the list ahead of them:
Nabil Bentaleb nominated for the Golden Boy Award. Too soon for him to win, but just shows how much he's grown as a player in last 8 months.— Alankrith Shankar (@AlanzArena) October 24, 2014
Nabil Bentaleb and Lazar Markovic are on the shortlist for the Golden Boy award. They're fourth choice at their clubs at the moment.— Footy Hipster (@FootyHipstar) October 24, 2014
Bentaleb, Shaw, Januzaj & Dier have all made the 'Golden Boy' list ahead of Ross Barkley.— Martin Slinger (@MartSlinger93) October 24, 2014
Bentaleb and Dier nominated for the Golden Boy award— Arjun (@Arjun5_) October 24, 2014
So Eric Dier is on the European Golden Boy short list, but Saido Berahino isn't— Jack (@TheeJackBradley) October 24, 2014