Dravid, who received the inaugural award for the Test Player of the Year and the Player of the Year last season, was among the nominations for ODI Player of the Year and Player of the Year announced last month.
Also going out of the reckoning were Dravid's teammates Virender Sehwag, Anil Kumble and Harbhajan Singh who were all nominated in the Test Player of the Year category.
Dinesh Kaarthick remained the lone Indian hope in the Emerging Player of Year section after the ICC pruned the list of nominations.
"Of course I am disappointed. But then we have not had many matches this season, obviously performance matters," Kumble told a media conference to announce the shortlist. "Personally I can do only what I can do, selection is not in my control." England's Andrew Flintoff remained in contention for the ODI Player of the Year award, which he won last year, while also being nominated for the Player of the Year award.
Aussie Adam Gilchrist featured in three categories while Test cricket's leading wicket-taker Shane Warne was in the running for Test Player award.
Besides the players' awards, there would also be team awards for Test and ODI teams of the year and Spirit of Cricket Award.
The ICC Awards would be announced in Sydney on Oct 11 on the sidelines of the ICC Super Series.
Kumble denied the upcoming ICC Super Series would have lost a bit of sheen following Australia's defeat in the Ashes series.
"I don't think so. Playing Australia in Australia is a tough proposition, they are still a good side," the tall Karnataka bowler said.
"All the matches in Ashes were close, they will come back stronger," said India's leading wicket-taker in Tests.
Kumble said matches involving multi-national teams had their value. "It is an occasion to celebrate cricket itself," he said.
"A player won't get another opportunity to play in a World XI. You are playing the very best and it is an opportunity to showcase your talent.
"It is also a totally different feeling to have those you have played against in the same dressing room."
The shortlist of nominations for ICC Awards:
Aftab Ahmed (Bangladesh), Ian Bell (England), Dinesh Kaarthick (India), Kevin Pietersen (England) and AB de Villiers (South Africa).
Andrew Flintoff and Kevin Pietersen (Eng),Adam Gilchrist, Brett Lee and Andrew Symonds (Australia).
A Gilchrist, Glenn McGrath and Shane Warne (Aus), Inzamam-ul Haq (Pakistan and Jacques Kallis (South Africa).
Player of the Year:
Flintoff, Gilchrist, McGrath,Inzamam-ul Haq and Kallis.