The Reds boss is up against league rivals Pep Guardiola and Antonio Conte, with David Moyes being the fourth candidate in the running.
Liverpool only played three league games in November, but went undefeated, winning twice and drawing once - meaning they haven't tasted defeat in 11 matches.
The month started off brilliantly with a 6-1 thumping at home to Watford, before the Reds were left frustrated by a goalless draw against Southampton. They then rounded off the month with a 2-0 win against Sunderland at Anfield.
A second award for Klopp?
The Reds boss has already picked up the award earlier in the season, when he was named Manager of the Month in September. Then, his side picked up a maximum of nine points, including big wins against reigning Premier League champions Leicester City and Chelsea.
Klopp was also nominated in October when the Reds picked up an impressive 10 out of 12 points with the goalless draw against Manchester United costing the Reds the chance to claim maximum points again.
As a result, the German was defeated in October to Chelsea manager, Conte, who led his side to three wins from three without conceding a single goal.
He is likely the favourite to win the gong a second successive month, having inspired his side to three further wins including a 5-0 thrashing of Everton and dealing Tottenham Hotspur their first loss of the season after 13 games.
Chance to return to the top?
Klopp’s men face Bournemouth on Sunday and currently sit second in the Premier League table going into the weekend's games.
Liverpool could have a chance to return to the top as Chelsea and Manchester City face each other in Saturday's early kick-off, dependent on the result between the two sides.
Liverpool fans will hope for a draw to end Chelsea's seven-game winning streak but to ensure City don't pile the pressure on the Merseyside outfit.
Guardiola's side are currently on the same number of points, 30, as Liverpool but are in third due to an inferior goal difference by just one. Chelsea are a point ahead in first.
A busy December ahead
Klopp faces a busy period as Christmas and the New Year edge closer, with his side having to play six times this month, including the Merseyside Derby and a New Year’s Eve match against Manchester City.
The manager will need to continue inspiring his side to a lot of positive results, if he wants to be in running of manager of the month for a fourth successive month but more importantly keep his side close to the top-flight summit.
The winner of November’s award will be announced in the weeks to come, with the chosen recipient decided by a combination of a Premier League panel and a public poll.