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The judging panel comprises Sky Sports’ Football League expert Don Goodman; Football League Head of Communications John Nagle; League Managers’ Association Director Olaf Dixon and Sky Bet Football Trading Manager Paul Lowery.
The winner will be announced on Friday 10 April.
Grant will be up against Billy Bingham (Dagenham & Redbridge), Scott Harrison (Hartlepool United) and Jon McLaughlan (Burton Albion) for the award.
The on-loan Blackpool winger grabbed both of the Shrews' goals in the 2-1 at Accrington Stanley, fired Town into the lead against Cambridge United and hit two stunning efforts in the recent 2-0 victory at Portsmouth.
Grant played in all six of Town's games during March and scored an impressive five goals that month.
Shrewsbury Town's Bobby Grant has been nominated for the Sky Bet League 2 Player of the Month award for March.