Team-mate Lachie Miller - who led the standings after the opening nine rounds - is third while Wigan Warriors' industrious hooker Brad O'Neill came fourth having helped underpin their resurgence.
Leigh's dynamic centre Umyla Hanley rounded out the top five.
The rankings are decided by a panel of five former winners. Ellery Hanley, Paul Sculthorpe, Sam Tomkins, James Roby and Joe Lydon reduce a ten-man shortlist to a top five at each stage during the season.
Four of the five this time are new entries from the previous edition of the shortlist covering the first nine matchdays. Miller is the only player retained from the first edition's top five, while Connor, the reigning Man of Steel, and Handley were both absent from the previous ten-man shortlist.
Ex-England captain Tomkins, who claimed Man of Steel in 2012 and 2021, said the Leeds duo "fully deserve" top spot with the club leading Super League, and described Handley as being "certainly in the best form of his career".
Tomkins said: "They have really cemented themselves as frontrunners to make Old Trafford and I think Jake and Ash combined have been pivotal in that.
"We're seeing the best of Jake again. His kicking has been outstanding, his try assists and his influence - the way he runs that side of the pitch - is clear for everyone to see.
"And Ash Handley is certainly in the best form of his career. That's without doubt, in my opinion.
Hull KR's Mikey Lewis, the 2024 winner who has just been handed a four-match ban for a headbutt, and Toulouse Olympique's Olly Ashall-Bott received votes but missed out on the top five.
Tyrone May, Daryl Clark and Leeds winger Maika Sivo, the competition's leading try scorer, completed the ten-man shortlist. Jez Litten and Brodie Croft, second and fourth in the first edition, did not feature.
The panel meets again after Round 27 before a final deliberation to decide a three-man shortlist.
The winner will be announced at the Rugby League Awards Night in Manchester on Tuesday 29 September.
Super League 2026 - upcoming key dates
- Rivals Round reversed: July 23-July 26
- Elimination Play-offs: September 19-September 20
- Play-off semi-finals: September 26-September 27
- Grand Final: October 3
Sky Sports will show every game of the Super League live this season, including two matches each round exclusively live. The remaining five matches will be broadcast on Sky Sports+.
