While Valerie Adams of New Zealand, Kenyan Vivian Cheruiyot and Australia's Sally Pearson are up for the women's prize.
The IAAF announced their nominations on Friday, a week before the winners are revealed at the World Athletics Gala in Monaco.
Bolt is on the list following his two golds in the world championships at Daegu in the 200 metres and 4x100 relay and despite his disqualification at the start of the 100 final, which Blake won.
Rudisha, who became the youngest World Athlete of the Year award winner when he was 21 last year, is back in contention after winning the 800 metres title in Daegu.
Adams won her third successive world shot put title in Daegu, Cheruyiot won both the 5,000 and 10,000 titles and Pearson won the 100 metres hurdles title where she ran the fourth fastest time in history.