Bannan, who has been in a rich vein of form this season, scored a spectacular left foot volley in Wednesday's 2-1 victory over Millwall on August 22.
The 28-year-old is competing with West Browich Albion's Harvey Barnes and Brentford's Ollie Watkins for the prize.
On his superb strike against the Lions, Bannan, who signed a new contract last week,Â said: "It was unbelievable. I don't think I have scored a bad goal since I have been here!
"I would like to score five or six off my shin just to get my tally up!
"It was a good moment because we were struggling a bit. It was a tough start to the season and it was a massive game so to get that goal was important. It lifted everyone and we went on to win the game which made it a lot sweeter."
The winners of the EFL Goals of the Month are chosen by a fan poll on skysports.com.
The shortlist for the poll is decided by a judging panel following suggestions from supporters via Twitter, with the panel comprising Sky Sports' EFL expert Don Goodman; Sky Bet Sponsorship Manager Michael Holinski and EFL Senior Media Manager Rob Meaden.
Voting is open on skysports.com and closes on Monday. The winner will be announced on Friday, September 14.