The 11 nominees were selected by UEFA's Technical Observers and Ronaldo's iconic overhead strike against Juventus, the club he joined this season, made the cut.
However, Bale, who scored a similar effort in the Champions League final win over the Reds failed to break into the 11 final nominations.
The winner of the award will be selected by the public with the deadline ending on Monday 27 August.
Have a look at the 11 nominees in the video below and submit your vote here.
The nominees in full:
Lucy Bronze (LYON 1-0 Manchester City)
UEFA Women's Champions League semi-finals, 29/04/18
Olga Carmona (Switzerland 0-2 SPAIN)
UEFA European Women's Under-19 Championship group stage, 21/07/18
Elisandro (Sporting CP 2-5 INTER FS)
UEFA Futsal Cup final, 22/04/18
Elliot Embleton (Turkey 2-3 ENGLAND)
UEFA European Under-19 Championship group stage, 17/07/18
Christian Eriksen (Republic of Ireland 1-5 DENMARK)
European Qualifiers play-offs, 14/11/17
Paulo Estrela (PORTO 5 -1 Beşiktaş)
UEFA Youth League group stage, 13/09/17
Eva Navarro (Germany 0-2 SPAIN)
UEFA European Women's Under-17 Championship final, 21/05/18
Dimitri Payet (MARSEILLE 5-2 Leipzig)
UEFA Europa League quarter-finals, 12/04/18
Gonçalo Ramos (Slovenia 0-4 PORTUGAL)
UEFA European Under-17 Championship group stage, 07/05/18
Ricardinho (PORTUGAL 4-1 Romania)
UEFA Futsal EURO group stage, 31/01/18
Cristiano Ronaldo (Juventus 0-3 REAL MADRID)
UEFA Champions League quarter-finals, 03/04/18