Houllier will face competition from Manchester United manager Sir Alex Ferguson and West Hams's Glenn Roeder. Gerrard is nominated alongside Juninho, Ruud Van Nistelrooy and Jermain Defoe.
The Barclaycard Awards Panel said: "It's been a big month for the three managers nominated.
"Roeder has impressively turned things around at West Ham, Ferguson continues to apply the pressure on league leaders Arsenal and Houllier's side are chasing a Champions League spot."
"As for the players, a special word must go to Juninho who has marked his return from long-term injury with two impressive strikes for Middlesbrough."