Chelsea's Christian Pulisic and Manchester United's Marcus Rashford are both up for the Premier League's Young Player of the Year award, with just one of Liverpool's title-winning contingent making the short list.
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Alexander-Arnold is one of six English players to make the cut, with the winner decided by a public vote. He played a key role in Liverpool's charge to their first title in 30 years and finished the season with 13 assists.
United's contingent include their lethal front three of Rashford, Martial and Greenwood.
Rashford finished the campaign with a personal-best 17 league goals, while Greenwood's breakthrough season saw him chip in with 10 Premier League goals.
Martial, 24, clocked up 17 league goals and six assists as the trio fired United to third place.
Chelsea's Pulisic enjoyed a superb debut season in the Premier League following his €64 million move from Borussia Dortmund and helped the club secure a top-four finish.
Mount was also consistently impressive throughout his breakthrough year at Chelsea, as he finished with seven goals and five assists.
For Villa, captain Grealish was a key protagonist in their battle to Premier League safety, as he was involved in 14 of their 41 goals (eight goals, six assists).
Completing the eight-player list is Sheffield United goalkeeper Henderson, on loan at the club from United. He kept 13 clean sheets and helped the Blades to a ninth-placed finish.