The talented trio are battling it out with Rangers goalkeeper Stefan Klos for the award which is voted by Scotland's fellow professionals.
Larsson has enjoyed a magnificent last season at Parkhead netting 35 goals in all competitions and winning the award would be a fine way for Larsson to leave Scotland.
Petrov was the driving force in midfield for Celtic as they marched to The SPL title, popping up with a number of key goals including the championship clincher against Kilmarnock.
Sutton has probably produced his best form since arriving at Parkhead, grabbing 27 goals already this season, and the former Chelsea man is being tipped for the award.
In the Young Player of the Year award Celtic are represented again with Stephen Pearson in the running for the prize.
Pearson faces competition from Motherwell's David Clarkson, Hearts goalkeeper Craig Gordon and Hibernian's Derek Riordan.
The awards are set to take place next week in Glasgow.
