United made the announcement on their verified Twitter handle on Monday.
Ighalo was nominated in a four-man shortlist that include Bruno Fernandes, Harry Maguire and Fred.
The winner of the award will be decided by fans of the club.
It has so far been an impressive month of March for Ighalo as he continues to perform for United.
The former Super Eagles star has scored three goals and provided one assist since his loan move from Shanghai Shenhua.
He scored two goals in the 3-0 win against Derby County in the fifth round of the Emirates FA Cup.
In the Europa League first leg round of 16 clash away to Austrian club LASK, he opened scoring for United in the 5-0 win, netting a superb left-foot volley.
His goal in the Europa League took his tally to three in four games played this month.
Following his wonder goal and overall performance in the win against LASK, Ighalo was listed in the Europa League Team of the Week.
By James Agberebi
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