The two Ballon d'Or Awards will be decided by an worldwide jury of journalists, with AS editor Alfredo Relaño again casting Spain's vote this year.
The player with the most points will be awarded the Ballon d'Or, while the player with the most first picks will claim the prize in the event of a tie.
Ronaldo played a key role in Real's Champions League triumph last season and scored a World Cup hat-trick for Portugal against Spain.
Federation Internationale de Football Association split from the Ballon d'Or in 2016 to launch its own set of awards.
England only have one representative on the list in Harry Kane while Gareth Bale is also among the nominees.
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Modric's worldwide team-mates Mario Mandzukic and Ivan Rakitic are also on the shortlist, as are Liverpool duo Mohamed Salah and Sadio Mane.
The victor of the prestigious award organised by France Football magazine will be announced on December 3.
This award runs alongside FIFA's The Best, which was won by Luka Modric in September.
"The best team in the world surely possesses the best player, right?"
What is the Ballon d'Or?