Guardiola is a firm favourite after City won the Premier League, FA Cup and Champions League titles last season while Wiegman - a three-time winner - is the current holder of the women's coach award.
Wiegman led England to yet another major final when they reached the summit clash at the Women's World Cup, where they lost to Spain.
Also up for the women's coach award is Jonatan Giraldez, who led the Barcelona women's team to the league title with just one loss all season while they also won their second Champions League crown.
Chelsea coach Emma Hayes is the third finalist after another successful season where they won the FA Women's Super League and the FA Cup.
Hayes will be leaving Chelsea in May to take up the role of head coach of the United States women's national team.
In the men's category, Guardiola is joined by Simone Inzaghi who led Inter Milan to the Champions League final while they also lifted the Coppa Italia.
The third finalist is Luciano Spalletti, who ended Napoli's 33-year Scudetto drought when they won the Serie A title with five games to spare.
The winners will be crowned on January 15th in London.
