Zulte-Waregem announced Olayinka’s nomination on their official website on Tuesday.
Olayinka, 22, was shortlisted alongside three other players Hamdi Harbaoui (Tunisia), Sammy Bossut (Belgium) and Johan Bjordal (Norway).
Zulte-Waregem fans are expected to cast their votes for the February Player to the Month from the four shortlisted players.
The Nigerian played all four league games of Zulte-Waregem in February, scoring one goal.
He was the first player to win Zulte-Waregem’s Player of the Month award this season when he won the award in August, 2017.
He has scored seven goals in 22 league appearances for Zulte-Waregem this season.