Lawyers for Michael Cohen and for the government have proposed candidates for a third-party “special master,” who may be appointed by a federal judge to review the materials seized from President Donald Trump’s personal lawyer for records protected by attorney-client privilege.

Mr. Cohen’s legal team named four former Manhattan federal prosecutors as candidates: Bart Schwartz of Guidepost Solutions LLC, Joan McPhee of Ropes & Gray LLP, Tai Park of Park Jensen Bennett LLP and George Canellos of Milbank Tweed Hadley & McCloy...