A Confederation of African Football (CAF) statement listed South Africa's keeper Ronwen Williams, Ivory Coast winger Simon Adingra and Guinea striker Serhou Guirassy as the other contenders.
Hakimi had an impressive season helping PSG win the domestic double in France (Ligue 1 and Cup) and captained Morocco to the bronze medal of the Paris Olympic Games in the summer.
Lookman scored a hat-trick for Atalanta in a 3-0 UEFA Europa League final victory over Bayer Leverkusen last season and is favoured to win the award.
Another Nigerian striker, Victor Osimhen, was voted the 2023 Player of the Year after starring for Napoli. He has since been loaned to Galatasaray.
A ceremony where awards in various categories will be given to the men's and women's stars of Africa will be held in Moroccan city Marrakesh on December 16.
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