The Tigers' Justin Verlander and the Angels' Jered Weaver are the other two finalists for the award.
In a talk with reporters on Wednesday after learning he had made the cut, Price said he thought he had a good chance of winning but was honored to be in the conversation at all (courtesy of the Tampa Bay Times):
"I feel like I put forth a very good body of work, and I feel like I did do enough," Price said. "I anticipate, hopefully, it will be a good day. Anytime you're in there with Verlander and Weaver, guys like that, that's a good group to be a part of because those are guys that make a push to win this award every year."
Verlander won both the Cy Young and the AL MVP in 2011, a rare feat for a pitcher, after a 24-5 season with a 2.40 ERA.
But with the competition between the three starters so close in 2012, it's impossible to predict whether Verlander will end up defending his crown or whether Price will have his name enshrined among some of the best to have ever played.