Masuluke has been nominated for the prize for an overhead kick he slotted against Orlando Pirates last term. He faces competition from French striker Olivier Giroud and Venezuela’s Deyna Castellanos for the accolade.
World footballing body FIFA will announce the winner in London on October 23.
The recently retired Bolt feels Masuluke is worthy of becoming the first African to win the award.
"I’d vote for Oscarine Masuluke. For a goalkeeper to score an overhead kick in stoppage time like that is impressive," he told FIFA's website.
Meanwhile, the greatest sprinter of all time backs Cristiano Ronaldo to win the Best FIFA Men’s Player gong ahead of Lionel Messi and Neymar.
"I would go for Ronaldo. All three are amazing players but in the last year Cristiano won La Liga, the Champions League again and finished top scorer for the fifth season. His ability to stay at the top year after year is very impressive."