Makhachev nominated for Fighter of the Year and International Fighter of the Year awards.
In addition to him, the nomination also includes Johnny Eblin, Charles Oliveira, Alexander Volkanovski and Francis Ngannou.
The fighter is also a contender for the International Fighter of the Year nomination. He will be joined there by Volkanovski, Roberto Soldic, Mateusz Gamrot and Khamzat Chimaev.
Voting in the nominations is open until 30 September.
Makhachev stepped up to the challenger position after a protracted winning streak. In his last fight at UFC Fight Night 202, Islam defeated American Bobby Green by TKO in the first round. Makhachev will next fight against Brazilian Charles Oliveira.