England all-rounder Andrew Flintoff, Australia opener Matthew Hayden, South Africa all-rounder Jacques Kallis, India batsman Venkatsai Laxman, record-breaking Sri Lanka off-spinner Muttiah Muralitharan and Australia captain Ricky Ponting have all received three nominations.
They are all in contention to win the Player of the Year, Test Player of the Year and One-day International Player of the Year awards.
The other individual award, at an event ICC chiefs hope becomes cricket's answer to the Oscars, is Emerging Player of the Year.
Pakistan - with Imran Farhat, Yasir Hameed and Umar Gul - dominate this category while there are also nominations for West Indies duo Tino Best and Devon Smith.
Other nominations include former Zimbabwe captain Heath Streak, currently out of international cricket because of the ongoing selection row between 15 white players and the Zimbabwe Cricket Union.
The fast bowler is a contender in the One-day International category.
Australia have the most number of players nominated for individual awards (six), followed by India (five), while the West Indies and Pakistan each have four players in contention to win awards.
Only Australia, India and the West Indies have players nominated in all four individual categories.
The players nominated for the individual awards were chosen by a five-man panel of former Test players - Richie Benaud (Australia, chairman), Ian Botham (England), Sunil Gavaskar (India), Michael Holding (West Indies) and Barry Richards (South Africa).
Selection was based on the players performances over the course of the 12-month judging period (August 1 2003 to July 31 2004).
Now a 50-member voting academy will decide who wins the first edition of the awards.
The academy will also select its Test and One-day teams of the year, which will both be World XI sides made up of the best individual international players in the respective forms of the game.
There will also be a Spirit of Cricket award for one international team voted for by captains and match referees.
Meanwhile an award for Umpire of the Year, based on marks awarded by captains and referees over the course of the year, will also be made.
The winners will be announced at a ceremony at London's Alexandra Palace on the evening of Tuesday, September 7.
Emerging Player of the Year: Tino Best (WIS), Michael Clarke (AUS), Imran Farhat (PAK), Umar Gul (PAK), Yasir Hameed (PAK), Hamish Marshall (NZL), Irfan Pathan (IND), Devon Smith (WIS)
One-day International Player of the Year: Stephen Fleming (NZL), Andrew Flintoff (ENG), Chris Gayle (WIS), Adam Gilchrist (AUS), Jason Gillespie (AUS), Matthew Hayden (AUS), Jacques Kallis (RSA), Venkatsai Laxman (IND), Muttiah Muralitharan (SRI), Shaun Pollock (RSA), Ricky Ponting (AUS), Abdul Razzaq (PAK), Sachin Tendulkar (IND), Heath Streak (ZIM), Andrew Symonds (AUS), Chaminda Vaas (SRI), Daniel Vettori (NZL)
Test Player of the Year: Rahul Dravid (IND), Andrew Flintoff (ENG), Adam Gilchrist (AUS), Jason Gillespie (AUS), Stephen Harmison (ENG), Matthew Hayden (AUS), Brian Lara (WIS), Venkatsai Laxman (IND), Jacques Kallis (RSA), Muttiah Muralitharan (SRI), Ricky Ponting (AUS), Virender Sehwag (IND)
Player of the Year: Rahul Dravid (IND), Andrew Flintoff (ENG), Stephen Harmison (ENG), Matthew Hayden (AUS), Jacques Kallis (RSA), Brian Lara (WIS), Venkatsai Laxman (IND), Muttiah Muralitharan (SRI), Ricky Ponting (AUS), Virender Sehwag (IND)