After taking over from Darrell Clarke at the beginning of last month, Graham lost just one of his four league games in December; a narrow 2-1 defeat at Sunderland just days after taking charge.
Following that he led Rovers to three straight victories and out of the relegation zone, starting with a last-gasp 2-1 win at home to Fleetwood, a 3-1 Boxing Day triumph at Walsall and an Alex Jakubiak brace-led, victory at Oxford United.
The other nominees for the accolade are David Hopkin (Bradford City), Nathan Jones (Luton Town), Daniel Stendel (Barnsley)
The winner will be announced on Friday 11th January.
The judging panel comprises former Ipswich Town manager George Burley, Sky Sports’ EFL League expert Don Goodman; EFL Marketing Director Drew Barrand, League Managers’ Association Director Olaf Dixon and Sky Bet EFL Trader Mikey Mumford.