Cherki has enjoyed a brilliant first season in England, registering four goals and 11 assists in the league.
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The French playmaker has produced several standout moments, including a stunning solo strike against Arsenal in a key title clash last month.
Academy graduate O’Reilly has also emerged as one of Citizens’ brightest performers, impressing in both midfield and left-back roles. The 21-year-old has scored five league goals and added three assists in 33 appearances.
The pair join a competitive eight-man shortlist featuring Bournemouth pair of Junior Kroupi and Alex Scott, Brentford’s Michael Kayode, Manchester United midfielder Kobbie Mainoo, Newcastle United’s Lewis Hall and West Ham player Mateus Fernandes.