The 36-year-old Bembem called time on her illustrious international career at the end of the South Asian Games last year in Shillong, and an Arjuna will be a fitting reward for her services to the game, the AIFF felt.
She has been the biggest name in the women's game.
Gurpreet, a 26-year-old goalkeeper, who is the only Indian to have played top-flight football in Europe, also stands a good chance.
Gurpreet had turned out for Norwegian top division club Stabaek last year, and was impressive.