Arena has led the Galaxy to the past two MLS Cups although 2013 was not quite as successful with the Los Angeles club falling in the conference semi-finals.
He will be going up against USA boss Juergen Klinsmann, Club America and Mexico manager Miguel Herrera and Honduras head coach Luis Fernando Suarez among others.
Galaxy ace Landon Donovan has been nominated for the CONCACAF Player of the Year award following a stellar season for both club and country.
He will have competition from US teammates Clint Dempsey (Seattle Sounders), Michael Bradley (AS Roma) and Jozy Altidore (Sunderland) while Fulham and Costa Rica forward Bryan Ruiz, Wigan Athletic and Honduras ace Roger Espinoza and Mexico and Santos Laguna striker Oribe Peralta are also chances.
In the goalkeeping category, Galaxy gloveman Jaime Penedo - who took out the top goalie award at the 2013 CONCACAF Gold Cup - will go up against Everton and USA shot-stopper Tim Howard, Portland Timbers and Jamaica custodian Donovan Ricketts and Ajaccio and Mexico keeper Guillermo Ochoa among other nominations.
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