As well as marshalling the playoff contenders' backline, the 31-year-old weighed in with four league goals last month.
Mulgrew converted two penalties, against Oxford United and Bristol Rovers, as well as scoring a fine free kick in the 4-2 win at Blackpool on November 28.
Rounding off the nominations are Scunthorpe United goalkeeper Matt Gilks, who conceded just a single goal in four games last month, and Oxford United striker Wes Thomas, who found the net three times in November.
The winner of the award will be announced on Friday morning. body check tags ::