The two former India captains will be competing against three Lankans - Mahela Jayawardene, Kumar Sangakkara and Muttiah Muralitharan.
This is the first time ever that an award has been instituted especially for Asian Cricketers. The biennial award, will be honoured to the best cricketers of Asia, along with best bowler and best batsman for the year 2007 across all the three formats -Tests, ODIs and T20 - of the game, a release stated.
Younis Khan, Mohammed Yousuf, Yuvraj Singh, Gautam Gambhir, Misbah Ul Haq, Shoaib Malik, Chaminda Vaas and Sanath Jayasuriya will vie for the Best Batsman and Best Bowler awards.
In addition to the Asian Cricket Awards, Castrol will also be giving away the Castrol Pakistan Awards for Cricketing Excellence.
The batting wizard Hanif Mohammed will receive the Pakistan Lifetime Achievement Award.