53-year-old Thordarson who took over the Railwaymen at the turn of the year has had an excellent February.
The club won four out of the five games that saw the Railwaymen climb out of the relegation zone for the first time since September.
Thordarson told BBC Radio Stoke: "It would be nice but the biggest reward would be if we complete the mission of keeping Crewe in the league."
The rest of the shortlist for the award are Southend's Steve Tilson, Walsall's Chris Hutchings and Graham Turner of Hereford United who are Crewe's opponents this Saturday.