Benaud joins cricket legends Ian Botham, Gavaskar, Michael Holding and Barry Richards to make up the five-man selection panel for the ICC Awards.
The ICC Awards selection panel will develop a shortlist of players in the four individual award categories for the 50-member voting Academy for each individual award and select the ICC Test and One-day teams of the year.
ICC chief executive Malcolm Speed said the appointment of the panel was the first and foremost step of a comprehensive selection process to judge the world's best players of the past 12 months.
"The appointment of the ICC Awards selection panel gives us the starting point from which the nomination, vote casting and tallying process can now begin," Speed said in an ICC media release in London.
"The appointment of Richie Benaud as chair of the panel consolidates the selection process and I know that he regards this as a great honour to lead an illustrious group of former champions including Ian Botham, Sunil Gavaskar, Michael Holding and Barry Richards."
Benaud acknowledged the enormity of the task ahead, but confirmed the panel's commitment to approaching it with "diligence and responsibility."