The former Barcelona superstar, now playing club football for Inter Miami in the MLS, was noticeably absent from the list of nominees in 2022 when Karim Benzema emerged victorious. However, he bounced back the following year, clinching the title after guiding Argentina to victory at the World Cup in Qatar.
The most prestigious individual award in football is voted for by a jury of journalists from each of the top 100 countries in FIFA's world ranking.
Brazil forward Vinicius Junior is among the favourites and is one of six members of the Madrid team that won La Liga and the Champions League last season to be nominated.
Jude Bellingham, Dani Carvajal, Toni Kroos, Antonio Ruediger and Fede Valverde are the others, while Kylian Mbappe -- who left Paris Saint-Germain for Real over the close season -- features too.
Carvajal is among the contenders from the victorious Spain team alongside Alejandro Grimaldo, Dani Olmo, Rodri, Nico Williams and Lamine Yamal.
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Manchester City's Norwegian star Erling Haaland and England and Bayern Munich striker Harry Kane are on the list as well, but there is no place for five-time winner Cristiano Ronaldo, now 39. Xabi Alonso, who won the Bundesliga in an unbeaten season with Bayer Leverkusen, is among the favourites for best coach.
His rivals include Real Madrid's Carlo Ancelotti and Spain's Luis de la Fuente. Meanwhile, Aitana Bonmati of Barcelona and Spain will hope to retain the women's Ballon d'Or.
Former winners Ada Hegerberg and Alexia Putellas are also nominated, along with five members of the United States' Olympic gold medal-winning team in Sophia Smith, Mallory Swanson, Trinity Rodman, Lindsey Horan and goalkeeper Alyssa Naeher.
The Ballon d'Or ceremony is due to take place in Paris on October 28.