The 19-year-old Barcelona centre-back is on top and ahead of his international and club team mate Lamine Yamal and Real Madrid's Yan Diomande.
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Yamal, however, would not be able to win the award for a second time due to regulations.
The final votes will be made later this year, with the awards evening set to take place in November.
It comes after Cubarsi lifted the World Cup this summer with Spain as he starred in defence for Luis de la Fuente, which followed a La Liga 2025/26 title triumph with Barcelona.
Still just a teenager, Cubarsi has already made 85 La Liga appearances for Barca, as well as 26 appearances in the Champions League.
Should Cubarsi win the award, it would cap off a remarkable 2026 for the highly regarded defender.