Tendulkar, Kumar Sangakkara (Sri Lanka), England's James Anderson, Jacques Kallis and Vernon Philander (both South Africa) are the five who have been shortlisted for the award.
Tendulkar had won the inaugural People's Choice Award in 2010. This year, in March, he set a world record by becoming the first batsman to score 100 international centuries.
Fans can vote for their favourite cricketer from their Facebook account, ICC said. The voting is open now and August 31, 2012 is the final day.
The winner will be announced on September 15.
"To cast your vote for 2012, choose for one of the five candidates below, and select your country of residence, and then press vote. Each user is only allowed one vote from their Facebook account. Voting is open until 31st August 2012 and the winner will be announced on 15th September 2012 at a glittering ceremony in Colombo," ICC said on its Facebook account.
"The LG People's Choice Award allows cricket fans the unique chance to vote for a galaxy of international stars who have produced outstanding performances in the past year.
Fans vote on a short list nominated by an elite panel of cricket experts using criteria set out by LG and the ICC. This dictates that the nominees should have displayed some of the attributes regarded by LG as in line with their corporate qualities such as innovation, dynamism, strength in decision-making, performing well under pressure and executing a plan to distinction. The winner in 2011 was Sri Lanka's Kumar Sangakkara," ICC added.