Mbappe, 19, is a leading candidate for the award given by France Football, after winning the World Cup and scoring 21 goals for PSG - as they completed a domestic treble.
Mali midfield general Amadou Haidara, 20, of Red Bull Salzburg is the only African representative nominated for the honour awarded to the best U21 player in Europe.
Justin Kluivert is in contention after his performances with Ajax last season earned him a move to Serie A club Roma.
Borussia Dortmund's American winger Christian Pulisic and Liverpool full-back Trent Alexander Arnold has also been nominated.
Meanwhile, AC Milan and Italy duo Gianluigi Donnarumma and Patrick Cutrone have been recognised.
The rest of the list comprises of Lyon playmaker Houssem Aouar, Japanese star Ritsu Dōan of FC Groningen and Brazilian wonderkid Rodrygo - who recently signed a long-term deal with Real Madrid.
Kopa Trophy nominees:
Houssem Aouar (Lyon/France U21)
Trent Alexander-Arnold (Liverpool/England)
Patrick Cutrone (AC Milan/Italy)
Ritsu Doan (FC Groningen/Japan)
Gianluigi Donnarumma (AC Milan/Italy)
Amadou Haidara (RB Salzburg/Mali)
Justin Kluivert (Roma/Netherlands)
Kylian Mbappe (PSG/ France)
Christian Pulisic (Borussia Dortmund/USA)
Rodrygo (Santos/Brazil U20)