Shohei Ohtani of the Dodgers and Kyle Schwarber of the Phillies are the other two finalists.
Even while most people in the game believe that Los Angeles' two-way talent is the favorite, Soto put up a tremendously strong fight in the last days of his historic first-year deal in Queens.
After a sluggish start and an All-Star snub, the 26-year-old managed to finish with fantastic overall numbers.
He finished second on the team with 43 home runs, surpassing his career-high achieved only the previous season with the Yankees.
Soto finished with a.396 OBP and.921 OPS after driving in 105 runs and drawing a league-high 127 walks.
With some assistance from first base coach Antoan Richardson, he also added a new dimension to his game, stealing a career-high 38 bases and coming within two runs of the first 40-40 season in the history of the team.
Soto has finished in the top 10 six times in eight major league seasons and has been named an MVP finalist three times.
At the MLB Awards presentation in Las Vegas on Thursday, November 13, the winner will be announced.