Nottingham Forest, Wigan Athletic, Fulham, Cardiff City are all also in with a shout.
Despite the Football League banning Leeds United owner Massimo Cellino from the club until March, the club could be set to receive £250,000 to spend on transfers.
Earlier this season, fans were invited to apply to the SkyBet transfer fund, to win £5,000 for themselves and £250,000 for their club.
10 supporters have been chosen at random, and Leeds United are the only club to have two supporters in the list.
Supporters from Southend, Nottingham Forest, Wigan Athletic, Fulham, Cardiff City, Watford, Huddersfield and Exeter City make up the final eight.
The winning club will be able to spend the £250,000 prize on transfer fees and or player wages.
SkySports presenter Jim White, who is fronting the initiative, said: "You can only imagine how the chairman, manager and players of the winning club are going to react when they hear the news."
In Leeds United's case, it's a little more complicated.
Massimo Cellino may not even be in official charge of the club having spoken of his intention to stand down while his appeal is heard over his disqualification.
And then there is the looming possibility of a transfer ban for the club, which is unconfirmed, but a possibility over a £23 million loss in their accounts.
If that happens, there may be a few players queuing up for wage increases to put the money to good use instead...