In previous iterations of the award, the player with the best calendar year - voted for by 100 journalists from FIFA's top nations - was given the trophy.
However, this time around the award will be given to the player who had the best season from August 1st 2021 to July 31st 2022.
A 30-man shortlist was drawn up by France Football in August, with journalists voting for their respective top fives based on performances from last season.
That partly explains why Lionel Messi (35) wasn't included in the shortlist for the first time since 2005 after he struggled (by his standards) during his first season at PSG.
Karim Benzema (34) - Real Madrid
Bookies' favourite Benzema looks set to win his first Ballon d'Or and become the first Frenchman to win the trophy since Zinedine Zidane in 1998.
The Real Madrid forward was instrumental to their success in La Liga and the Champions League, finishing as the top scorer (27 in the league and 15 in Europe) in both competitions, with Madrid winning both trophies.
He was also the top scorer in the Supercopa with two goals in two games, which Madrid also won.
Benzema's overall tally for the season left him with 50 goals and 16 assists in 56 appearances for club and country which makes him the firm favourite to win this year's Ballon d'Or.
Robert Lewandowski (34) - Barcelona/Bayern Munich
The Polish striker ended his time at Bayern Munich as the Bundesliga's top scorer with 35 goals, as well as providing an impressive showing in European competition with a healthy 13 goals.
His total for the domestic season was actually greater than Benzema's with 50 goals in 46 games, but fewer assists coupled with a less competitive league means he is likely to miss out on the Ballon d'Or once more.
Lewandowski lost out last year to Messi, although his performances did ultimately earn him a move to Barcelona.
Sadio Mane (30) - Bayern Munich/Liverpool
Mane spearheaded a Liverpool side that lost just four games all season and were two wins away from a historic quadruple.
The Senegalese forward was key to the Reds' fine form, netting 23 goals and providing five assists in all competitions.
He also dominated the Africa Cup of Nations by guiding Senegal to victory against Egypt in the final, scoring three and setting up two throughout the tournament.
His form earned him a move to Bayern Munich, and his former club are feeling the effects of his departure this time around having won just three Premier League games all season.
Vinicius Junior (22) - Real Madrid
Benzema's Madrid teammate Vinicius was a mainstay in Ancelotti's treble-winning side.
Vinicius ended the season with 22 goals and 20 assists in 52 games, including the winning goal in the Champions League final.
He finished second in the Spanish league scoring charts behind Benzema, and looks set to make the top five at this year's Ballon d'Or ceremony.
However, at such a young age it seems unlikely this will be the last time Vinicius is in contention for the award.
Mohamed Salah (30) - Liverpool
Despite his more than slow start to this season and his dip in form at the start of 2022, Salah is still an outside contender for the Ballon d'Or.
The Egyptian had a fine campaign last season, notching 31 goals and 16 assists in 51 appearances in all competitions.
Had he won the Africa Cup of Nations he may have had an outside chance of winning the award, but his country's loss in the final to then-club teammate Mane's Senegal means Salah is likely to miss out.
Although benefitting from the format change to recognise last season's form rather than the calendar year of 2022, Salah will still likely be hovering around the top of the overall list.
Honourable Mentions
Thibaut Courtois (30) - Goalkeeper of the season in the Champions League, and had a pivotal role in Madrid winning three trophies.
Heung-min Son (30) - Finished as joint top scorer in the Premier League (23) alongside Salah, despite not taking any penalties.
Kevin de Bruyne (31) - A vital component to the Manchester City side that won the Premier League.
