The nominations have been announced by World Athletics.
Duplantis will compete against, among others, Alison dos Santos, who has had a sensational season and broken the world record in the 400-meter hurdles.
Kenyan running star Sebastian Sawe became the first person to run an official marathon in under two hours in London and is seen as a strong contender.
On the women's side, American sprinter Melissa Jefferson-Wooden is the favorite.
"Mondo" is nominated for setting a world record of 6.31 in March, winning European Championship gold and triumphing at the Ultimate Championship.
The award has been presented every year since 1988, and former superstar Usain Bolt has won the most awards, with six. Duplantis is the only Swede to have won.
