Wells, who has five goals from City's first five league games, has been put up for the award along with Colchester United defender Magnus Okuonghae, Leyton Orient's Romain Vincelot and Coventry City forward Callum Wilson.
Following his great early season form in front of goal, Wells currently finds himself joint leading marksman in the entire Football League alongside fellow nominee Wilson.
After netting on the opening day at Bristol City, Wells followed that up with strikes against Carlisle United and Port Vale before his match-winning double against Sheffield United sealed a memorable Yorkshire derby victory for Phil Parkinson's men just under two weeks ago.
Wells' goals against the Blades at the Coral Windows Stadium ensured he was the first City player to score in eight consecutive competitive appearances for the first time since the 1959/1960 season.
The winner of the Sky Bet League 1 Player of the Month will be announced this Friday (6 September 2013).