The Croatian has not had the easiest of times since making his move to Anfield last summer.
Despite struggling for form since his move to Anfield, Lovren is in contention for the award alongside Everton pair Ross Barkley and Romelu Lukaku, Tottenham Hotspur striker Harry Kane, Watford captain Troy Deeney and the league's leading goalscorer, Jamie Vardy of Leicester City.
The recognition highlights just how far the former Southampton man has come since Jurgen Klopp arrived on Merseyside.
His dreadful form from his first season for the Reds appeared to be carrying over into this campaign. A particularly woeful performance against West Ham United seemed to confirm that he could not be trusted at the heart of Liverpool's defence.
However, seemingly buoyed by the confidence that Klopp has instilled in the entire team, Lovren is starting to win supporters over with much more assured performances.
He was part of the side that went to the Etihad Stadium and demolished Manchester City, as well as the team that kept a clean sheet in the win over Swansea City.
Following the defeat to Newcastle United in the club's most recent game, however, it is crucial for the 26-year-old to rediscover his form from the previous month if Liverpool want to continue moving up the table.