Detroit's star third baseman is joined by Baltimore first baseman Chris Davis and Angels outfielder Mike Trout, who has been a finalist in each of his first two major league seasons.
Arizona first baseman Paul Goldschmidt, Pittsburgh centre fielder Andrew McCutchen and St. Louis catcher Yadier Molina are up for top player in the National League.
Finalists for the BBWAA awards are being announced Tuesday. The winners will be revealed next week live on the MLB Network, beginning Monday with the two rookies of the year and concluding Thursday with the MVPs.
Miami's Jose Fernandez is one of three finalists for the NL's Cy Young Award and is also up for Rookie of the Year. In Cy Young balloting, he is up against 2011 winner Clayton Kershaw of the Dodgers and the Cardinals' Adam Wainwright.
In the AL Cy Young competition, Detroit's Max Scherzer is pitted against two Japanese pitchers, Texas' Yu Darvish and Seattle's Hisashi Iwakuma. The Cy Young winners will be announced Wednesday.
Cardinals pitcher Shelby Miller and Dodgers outfielder Yasiel Puig round out the NL Rookie of the Year candidates. In the AL, Tampa Bay pitcher Chris Archer and outfielder Wil Myers are finalists with Detroit shortstop Jose Iglesias.
Oakland's Bob Melvin is trying to become the first repeat winner of the AL Manager of the Year award and a three-time winner overall. Also nominated in the AL are Cleveland's Terry Francona and John Farrell of the World Series champion Red Sox, both in their first season with new ballclubs.
In the NL, Atlanta's Fredi Gonzalez, Pittsburgh's Clint Hurdle and the Dodgers' Don Mattingly will all be vying for their first awards. Managers of the year will be picked on Tuesday.