Wilkinson captained Toulon to a staggering 16-15 victory over Clermont Auvergne in Saturday's Dublin final.
The 33-year-old did not miss a kick in the knock-out stages of the tournament, landing 17 from 17 as Toulon defeated Leicester, Saracens and then Clermont to be crowned European champions.
"To receive an award of this importance towards the end of my career is really special. I feel privileged to have been nominated," Wilkinson said.
Three of the final five-man shortlist were from Clermont - the former All Black wing Sitiveni Sivivatu, France centre Wesley Fofana and loose-forward Julien Bonnaire.
Jamie Heaslip, who captained Leinster to the Amlin Challenge Cup title with victory over Stade Francais on Friday night, completed the list of nominees.