Leeds striker Wood currently tops the goalscoring chart with 24 league strikes which have helped to fire the Elland Road side into the play-off spots.
Newcastle frontman Gayle has hit 21 goals to spearhead his side’s march to the top of the table, while French playmaker Knockaert has been influential in Brighton’s promotion chase.
Knockaert is currently the division’s highest-scoring midfielder with 13 league goals and has helped create many more.
EFL chief executive Shaun Harvey said: “It has been an exciting and action-packed 12 months for the EFL both on and off the pitch.
“There have been some incredible individual and team performances across the three divisions, entertaining the millions of fans who follow the EFL week in, week out.
“The EFL Awards are a fantastic way to recognise the achievements of clubs, players, backroom staff and fans and I would like to personally congratulate everyone who has been nominated and wish them all the best on the night itself.”
The annual awards ceremony takes place in London on Sunday, April 9.