Luck joins Robert Griffin III of Baylor, Case Keenum of Houston, Trent Richardson of Alabama and Tyrann Mathieu of LSU as finalists for this year's award.
Luck was also a finalist for last year's award, won by Auburn's Cam Newton.
The 2011 Walter Camp Player of the Year recipient, who is voted on by the Football Bowl Subdivision head coaches and sports information directors, will be presented live on Thursday, December 8 during the 3 p.m. PT edition of ESPN SportsCenter.
Luck has completed 261 of 373 passes (70.0) for 3,170 yards and 35 touchdowns this season. He leads the Pac-12 in passing efficiency (167.5) and under his guidance, the Cardinal is averaging 43.6 points a game, which ranks fifth nationally, and 480.9 yards a game in total offense. He has quarterbacked Stanford to a 23-2 record dating back to last season, as the Cardinal has spent a school-record 21 weeks ranked in the Top 10 of the Associated Press poll.
In the regular-season finale against Notre Dame, Luck broke Stanford's single season and career mark for touchdown passes, running his totals to 35 and 80, respectively. He also set a school career standard for total offense with 10,218 yards.
Stanford is 31-6 (.838) in Luck's 37 career starts. His 31 wins as a starter ranks first among the school's all-time list of quarterbacks.