The Baroka goalkeeper has been shortlisted for the prize along with Deyna Castellanos and Olivier Giroud after scoring a last-gasp equaliser with a bicycle kick against Orlando Pirates last season.
FIFA will hand out the accolade in the English capital on October 23.
Masuluke, who has never been overseas, is honoured by the recognition.
“I don’t know how to describe the feeling,” said Masuluke on being nominated for the prize.
“Growing up my dream was always visiting London.”
He added: “I just don't know how to explain the feeling. Being nominated amongst the best in the world is a great achievement in itself.”
The 24-year-old, who lost his mother at the age of five, is grateful to the game for helping him provide for his loved ones. He is currently building a nine-bedroom house for his family.
“Yes, it's true I grew up in a RDP house. I don’t want to go back and sleep in the same house I grew up sleeping in when I was still a kid, and that’s why I am trying to build my family a big house to accommodate everyone.”
Masuluke's strike against Pirates has earned praise from Nigerian legend Jay-Jay Okocha and ex-Chelsea star Roberto Di Matteo amongst others.
He surprisingly missed out on the PSL's Goal of the Season gong to an effort from Kaizer Chiefs midfielder Siphiwe Tshabalala.
Bafana Bafana midfielder Hlompho Kekana was a contender for the Puskas Award in 2016 with a screamer for the country against Cameroon, but Malaysian Mohd Faiz Subri walked away with the honours.