The Professional Footballers' Association has shortlisted six players for the prize, with Michael Carrick, Eden Hazard and Juan Mata completing the list.
Bale, who was Player of the Year in 2011, has scored 22 goals in 38 appearances in all competitions and leads Tottenham's charge for a place in next season's Champions League.
The winger faces strong competition from Van Persie, last year's winner, who has hit the net 25 times in his first season for Manchester United. Suarez has scored 29 goals for Liverpool, including a Premier League-high 22.
Chelsea teammates Mata and Hazard are outsiders, along with Carrick, a Manchester United midfielder.
The winner is to be announced on April 28.