Masuluke's last-gasp equaliser with a bicycle kick against Orlando Pirates last term has been nominated for the prize, which will be handed out in London on October 23.
Okocha, a gifted playmaker in his prime, says Masuluke's goal was something special.
The 44-year-old told FIFA's website: “My vote goes to the goalkeeper [Masuluke], because it’s so rare to see something like that. Goals by goalkeepers are already very unusual, and last-minute bicycle kicks are too. I think it really was something very special.”
Fellow retired former attacker Di Matteo also singled out the Bakgaga man's effort.
“I really liked the strike by the goalkeeper and the celebrations afterwards were pretty unique too!”
Masuluke has appealed to South Africans to vote for him, having criminally lost out to Siphiwe Tshabalala for the PSL Goal of the Season gong in July.
Mamelodi Sundowns captain Hlompho Kekana was a contender for the Puskas Award in 2016 with a long-range screamer for Bafana Bafana against Cameroon, but Malaysian Mohd Faiz Subri got the nod.