The award is a fusion of FIFA's Player of the Year gong, inaugurated in 1991, with France Football magazine's Ballon D'Or, which has been going since 1956.
For the first time, the coach of the year will also be named with Vicente del Bosque, winner of the World Cup with Spain, competing against Barca's Pep Guardiola and Jose Mourinho, who led Inter Milan to the Champions League title last season.
The merger of the two player of the year awards means an increased voting panel with selected journalists joining the coaches and captains of national teams, who chose FIFA's award.
In a normal year, Messi's outstanding performances and stunning goals for Barca would be enough for him to win for the second year running.
However, a disappointing World Cup with Argentina could cost the forward, who won the FIFA and France Football awards last year, his crown and leave the door open for midfielders Xavi and Iniesta, who inspired Spain's World Cup win.
Messi would have no complaints if either of his club mates won. "Xavi and Iniesta deserve it, they are excellent players," Messi told Spanish media, adding that he wanted Guardiola to get the coach's award.
The World Cup may not be everything, though, as Uruguay's Diego Forlan, who was voted player of the tournament, has not made the final short list.
The 10 candidates for the best goal include one from an under-17 women's match, the Northern Ireland Premier League and the Swedish second division as well as efforts from Messi and Bayern Munich's Dutch striker Arjen Robben.
The other two awards are surprises with no indication from football's world governing body FIFA as to the possible outcome.
Four players were sent off in the first leg but the Peruvian league then granted an amnesty to one of them, Leon de Huanuco's playmaker Gustavo Rodas, and exempted him from an automatic one-match suspension.
