The five players on the shortlist for this award, which is voted for by England's professional players, are England pair Richard Hill and Jonny Wilkinson; Northampton's former All Blacks flanker Andrew Blowers; Sharks and Scotland skipper Bryan Redpath and Gloucester's South African-born flanker Jake Boer.
In the young player of the year category, three Gloucester players have been short-listed – James Forrester, Marcel Garvey and James Simpson-Daniel – as well as Sharks lock Chris Jones and Leicester centre Ollie Smith.
Other categories include a golden boot award for the Premiership's top points scorer this season, and an award for the try of the season.
"We have been treated to some fantastic rugby this year, both at club and international level," said Damian Hopley, chief executive of the PRA.
"And the competitiveness on the pitch has been reflected in the voting for the 2003 awards."
The winners will be announced at this season's PRA awards night at the Grosvenor Hotel in central London on May 27.