Each is nominated in both the 'Cricketer of the Year' and 'Test Player of the Year' categories in the 5th LG ICC Annual Awards 2008.
The other nominee for the 'Cricketer of the Year' prize is South Africa captain Graeme Smith.
None of the four players shortlisted for the 'Cricketer of the Year' Award has previously lifted the Sir Garfield Sobers Trophy.
Players who have secured the game's top individual honour in the past are Rahul Dravid of India (2004), England's Andrew Flintoff and Jacques Kallis of South Africa (joint winners in 2005) and Australia captain Ricky Ponting (back-to-back winner in 2006 and 2007).
India's one-day and Twenty20 International (T20I) captain Mahendra Singh Dhoni is another player with plenty to look forward to on Wednesday.
Dhoni heads Indian contingent: Dhoni is also nominated for two prizes – the 'ODI Player of the Year' and the 'Twenty20 International Performance of the Year', the latter for his captaincy in leading India to the inaugural title in South Africa last September.
Dhoni leads his country"s charge in this year's shortlists as he is one of four India players in with a chance of taking home a prize from cricket's night of nights.
Also nominated are Sachin Tendulkar (ODI Player of the Year), fast bowler Ishant Sharma (Emerging Player of the Year) and Yuvraj Singh (T20 Performance of the Year, to mark his six sixes against England in Durban last September).
Ishant faces tough competition in the Emerging Player category with Sri Lanka mystery spinner Ajantha Mendis, England all-rounder Stuart Broad and Morne Morkel, the South Africa fast bowler, also vying for the trophy.
In the 'T20 Performance of the Year', Dhoni and Yuvraj are up against Chris Gayle of the West Indies and Australia"s Brett Lee.
Gayle's 117 from 57 balls in the opening match of the ICC WorldTwenty20 was the first hundred in the international form of Twenty20 while Lee captured a hat-trick against Bangladesh in Cape Town, another first for T20Is.
Simon Taufel has a chance of an unprecedented five successive 'Umpire of the Year' awards after being nominated alongside Mark Benson, Aleem Dar, Steve Davis and Rudi Koertzen.
ICC Awards 2008 (short-list):
Cricketer of the Year: Chanderpaul (Windies), Dale Steyn (SA), Mahela Jayawardene (Lanka) and Graeme Smith (SA).
Test Player of the Year: Chanderpaul (Windies), Mahela Jayawardene (Lanka), Dale Steyn and Jacques Kallis (both SA).
ODI Player of the Year: Nathan Bracken (Australia), Mahendra Singh Dhoni (Ind), Sachin Tendulkar (Ind) and Mohd Yousuf (Pak).
Emerging Player of the year: Stuart Broad (Eng), Ajantha Mendis (Lanka), Morne Morkel (SA) and Ishant Sharma (Ind).
Associate Player of the Year: Ryan ten Doeschate (Dutch), Alex Obanda (Ken), Niall O'Brien (Eire) and Thomas Odoyo (Ken).
T20 International Performance of the Year: Chris Gayle (Windies), Brett Lee (Australia), MS Dhoni and Yuvraj (both India).
Women's Player of the Year: Nicola Browne (Australia), Charlotte Edwards (Eng), Lisa Sthalekar (Australia) and Claire Taylor (England).
Spirit of Cricket: Bangladesh, New Zealand, Sri Lanka and West Indies.
Umpire of the Year: Simon Taufell (Aus), Mark Benson (Eng), Steve Davis (Aus), Aleem Dar (Pak) and Rudi Koertzen (SA).