Marshall has been shortlisted for the award along with Fleetwood Town defender Cian Bolger, Scunthorpe United's Josh Morris and Bury forward James Vaughan.
The City attacker earned his place on the four-man shortlist thanks to some eye-catching displays during the first month of 2017.
Marshall registered two goals and two assists in January, netting in the victories over Northampton Town and Chesterfield.
The tricky speedster also set up goals for Jordy Hiwula and James Meredith in the games against Northampton and Millwall respectively.
The winner of the award will be confirmed on Friday (10 February 2017) morning.