Guardiola and Klopp are locked in a battle for the Premier League title that will be settled in the final matches of the season on Sunday.
They will also slug it out for the Manager of the Season prize along with Tottenham's Mauricio Pochettino and Wolves' Nuno Espirito Santo.
Guardiola is looking to become only the third manager to retain the title in the Premier League era, with City certain to claim the trophy if they win at Brighton on Sunday.
But they have been pushed all the way by Liverpool, who have lost only once this season.
Klopp's team have amassed 94 points, the fourth-highest tally of any team in a single Premier League season, leaving them only one point behind City before Sunday's game against Wolves.
Pochettino has been recognised for keeping fourth-placed Tottenham in contention for a top-four finish despite not making a single signing for the last two transfer windows amid the disruption of a delayed move to their new stadium.
Tottenham will be guaranteed to finish in the top four if they avoid defeat against Everton on Sunday.
Nuno's Wolves, promoted last year, have collected 57 points -- the most for any promoted team for 18 years.
Guaranteed seventh place, they remain in the running for a Europa League place depending on the outcome of the FA Cup final between Man City and Watford.
The final winner will be determined by a combination of a fans' vote and the views of an experts' panel.
The winner will be announced by the League Managers Association next Thursday.
Meanwhile, City and Liverpool also dominate the shortlist for the Premier League's Player of the Season award.
Chelsea's Eden Hazard is the only man on the seven-strong list not to play for either of the title challengers.
City have Sergio Aguero, Bernardo Silva and Raheem Sterling all nominated, with Liverpool's Sadio Mane, Virgil van Dijk and Mohamed Salah also in contention.
Egypt forward Salah, who won the award last year, faces stiff competition to retain his crown, with Van Dijk recently named the PFA Player of the Year and Sterling earning the Football Writers' Footballer of the Year prize.