The trio emerged as the front-runners from a shortlist of ten after votes from hundreds of thousands of fans were counted.
The Arsenal striker has been nominated for his stunning goal against Crystal Palace at the Emirates on January 1. There will now be a final round of voting and a total of votes from both rounds will decide the eventual victor.
He will be up against Venezuela's Deyna Castellanos who scored from the halfway line at the Under-17 Women's World Cup.
Castellanos' effort against Cameroon, from the halfway line, earned her nomination and she becomes the second Venezuela youth global to be put up for the award after Daniuska Rodriguez made the three player shortlist previous year.
The victor will be announced on Monday, October 23 at The Best FIFA Football Awards ceremony in London.
Masuluke, meanwhile, is the first player from the entire continent of Africa to have been included in the finalists for the award.
Masuluke scored the goal‚ which turned into a an overnight YouTube sensation‚ against Orlando Pirates in their 1-1 draw last November in the league at the Peter Mokaba Stadium in Polokwane.