The exhilarating attacking pair have helped their side mount a strong challenge for a Champions League place and played a key part in a record seven game winning streak on the road earlier in the season.
Agbonlahor and Young face competition for the prize from Manchester City midfielder Stephen Ireland, Manchester United defenders Jonny Evans and Rafael as well as Spurs winger Aaron Lennon.
Last season the award was won by Arsenal's Cesc Fabregas and Cristiano Ronaldo was the recipient in 2007.
Agbonlahor and Young would love to claim the title, which often proves to be a good pre-cursor for future world stars.
Both players are likely to be in the top three with the only real threat coming from talented playmaker Ireland.
The winner will be announced at an awards ceremony in London on April 26. This is the Villa-MAD assessment of the contenders:
Jonny Evans (Manchester United)
Evans has deputised well in the absence of injury victim Rio Ferdinand and he more than played his part in United's record run of 1,334 minutes without conceding a goal.
The Northern Irish defender has probably not played enough football to win this prize but then again he does play for Sir Alex Ferguson's men so you never know.
Rafael da Silva (Manchester United)
A talented Brazilian right back, who has been given his chance because of injuries to Gary Neville and Wes Brown.
Rafael scored a fine goal against Arsenal at The Emirates earlier in the season but he is unlikely to replicate that memorable moment with a win at the award ceremony.
Aaron Lennon (Spurs)
The former Leeds youngster has really enjoyed the second half of this season and Harry Redknapp has definitely brought the best out of him.
Fabio Capello has seen enough to name Lennon in his England squad and he is almost certainly being lined up as David Beckham's successor on the right wing.
Stephen Ireland (Manchester City)
In amongst all the glitz and glamour of the Arab takeover at Eastlands, one man has quietly been making a big name for himself.
Ireland has controlled many a game from the centre of midfield during this campaign and without him Mark Hughes' men may just be facing a relegation battle now.
Forget about Robinho and co, the Irish maestro has been the star of City's campaign. He has to be in the top three.
Ashley Young (Villa)
The wing wizard was in dazzling form during the first half of the season. He scored a stunning brace to seal a fine last gasp winner for Villa at Goodison Park and was rightly described as a 'genius' by his manager Martin O'Neill.
Unfortunately, Young faded away after the turn of the year but those twinkle toes have returned just recently and he has to be a big contender for this award.
Gabby Agbonlahor (Villa)
Booed off by his own fans not so long ago, you wouldn't think the striker could figure in the list of nominations. But the truth is - Agbonlahor was brilliant during opening months of the season. He bagged a top class hat-trick against Manchester City on the opening day and went from strength to strength.
The speedy frontman may not have been in the best form recently but he more than deserves this recognition after making his England debut in Germany and propelling Villa into fifth in the league.
He currently has 11 league goals to his name this season and you wouldn't bet against him notching a few more in the coming weeks.
Who should win the award? Have your say in our voting poll located on the right hand side of the homepage.