The pair are likely to face stiff competition in both categories, however, as the contest is generally perceived to be wide open.
Bale's Spurs team-mate Rafael Van der Vaart is also in contention for the main prize along with Manchester City's Carlos Tevez, Manchester United defender Nemanja Vidic, West Ham midfielder Scott Parker and Blackpool talisman Charlie Adam.
England and Manchester City goalkeeper Joe Hart, Arsenal starlet Jack Wilshere, Everton's Seamus Coleman and Manchester United pair Nani and Javier Hernandez are the other contenders for the young player gong.
PFA chief executive Gordon Taylor believes the lists are reflective of an exciting season.
Taylor said: "It is certainly very competitive. There has been no outstanding favourite so it will be very interesting to see who people think are favourites.
"Last year Wayne Rooney had an exceptional season.
"This year there are some very good contenders and it is nice to see some homegrown players in there as well. That is encouraging."