The two Seleção youngsters have made it on the list of ten candidates FIFA have chosen as outstanding performers during the tournament in Colombia.
Both have been in fine attacking form over the past few weeks, with Henrique leading the goalscoring charts with five goals and Coutinho not far behind with three.
Members of the media will vote for their top three players, and the points will be tallied up by FIFA after Saturday’s final between Brazil and Portugal.
Past winners of the U20 World Cup Golden Ball include Diego Maradona, Silas and Lionel Messi.
The full list of nominees is shown below:
Danilo, Portugal
Jorge Enriquez, Mexico
Gueida Fofana, France
Henrique, Brazil
Carlos Luque, Argentina
Hugo Mallo, Spain
Ahmed Musa, Nigeria
Nelson Oliveira, Portugal
Philippe Coutinho, Brazil
James Rodriguez, Colombia