Raheem Sterling's recent run of form has seen the Man City forward's odds shorten for the PFA Player of the Year award behind odds-on favourite Virgil van Dijk.
The market was previously a two-horse race between his team-mate Aguero and Liverpool centre-back Virgil van Dijk but Sterling's form has seen an increase in competition.
Sterling has been cut for the main award, while he is odds-on favourite for the Young Player of the Year gong for which he is still eligible.
Using odds from Sky Bet, we take a look at the top candidates and what they have achieved so far this season...
Eyebrows were raised when the Reds forked out £75m to sign Dutchman Van Dijk from Southampton in January 2018 but he now looks like a quality addition.
Their defence has been improved considerably since, with Jurgen Klopp's side reaching the Champions League final last term after forming a strong partnership at the back with Dejan Lovren. Along with goalkeeper Alisson's summer arrival, Van Dijk's leadership at the back has helped turn Liverpool into real title contenders, conceding just 17 goals in 30 Premier League games.
He is odds-on for the award and should the Reds seal their first league trophy since 1990, Van Dijk will surely win the Player of the Year.
The Argentinian is also a lead contender for the Premier League's Golden Boot award and he could earn a well-deserved double.
Aguero, who has never won the Player of the Year award, leads the way in the scoring charts on 18 goals and has been consistent on the field since arriving in 2011, but injuries have arguably been the main reason why he has not been a contender more often.
The 30-year-old's consistent availability and performances in 2018/19 have made him the firm favourite centre forward at the Etihad this term, ahead of Gabriel Jesus.
Aguero has popped up with some big goals for Man City - in the derby, their January win over Liverpool, against Arsenal at the Etihad and a hat-trick in that shock 6-0 win over Chelsea in February.
He will be key to City's run-in, to decide whether the club can secure the Premier League title for back-to-back seasons.
The 24-year-old scored three goals in 13 minutes to help Man City to a 3-1 victory at the Etihad, to maintain their lead at the top of the league.
He was previously priced at 14/1 with Sky Bet, but the goals took his tally to 20 goals in 41 appearances for club and country in all competitions and his price fell to 9/1.
Sterling, who is also up for the Young Player of the Year award, continues to pick up the plaudits this season after taking his game to another level under Pep Guardiola's tutelage, with his captain Vincent Kompany recently describing him as 'one of the best wingers in the world'.
It would be good to see 24-year-old Sterling triumph, but he is more likely to win the Young Player award.
Like Pirlo, and a fine wine, David Silva seems to be getting better with age.
The 33-year-old is having another phenomenal season, with classy displays gliding across the turf, defence-splitting passes and experience in the middle.
He has scored and assisted 12 goals in total in the Premier League and helped Man City cope without Kevin De Bruyne, who missed a considerable chunk of the campaign due to injury.
Silva is a low-key player who tends to keep out of the public eye, but he has been a true servant to Man City and continues to make key contributions to Pep Guardiola's side, although it is difficult to see him pipping the other names on this list to the award.
Best of the rest
- Fernandinho - 20/1
- Mo Salah - 20/1
- Bernardo Silva - 25/1
- Sadio Mane - 28/1
- Eden Hazard - 33/1
- Paul Pogba - 33/1
Young Player of the Year betting
- Raheem Sterling - 8/11
- Marcus Rashford - 11/4
- Bernardo Silva - 6/1
- Declan Rice - 12/1
- Trent-Alexander Arnold - 25/1
- Leroy Sane - 28/1
Odds correct as of 1625 GMT on 14/03/19