Familiar faces Cristiano Ronaldo and Lionel Messi, who are expected to top the voting, are joined by five Premier League stars.
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Wales and Los Blancos star Gareth Bale is the only British player on the list and his Bernabeu team-mates Karim Benzema, Toni Kroos and James Rodriguez make the cut.
Supporting members of Barcelona's devastating attacking trio, Neymar and Luis Suarez, are joined by Andres Iniesta, Ivan Rakitic and Javier Mascherano.
German giants Bayern Munich have five players in contention. Manuel Neuer is the only goalkeeper in the 23. Thomas Muller, Arjen Robben, Arturo Vidal and Robert Lewandowski also represent the Bavarians.
PSG's Zlatan Ibrahimovic and Juventus midfielder Paul Pogba complete the nominees.
La Liga dominates the list with 11 players playing from Barcelona or Real Madrid. Attacking players also vastly outweigh defenders.
Argentine Messi has been tipped to win the award for a sixth time and is odds on favourite with Sky Bet, who have the 28-year-old at 1/5.
Ronaldo, unsurprisingly, is second at 4/1 with Robert Lewandowski, who has scored 16 goals in 12 games this season, at 16/1.
Messi and Ronaldo have dominated the award over the previous seven years. Only once in that time have they not been the top two - in 2010 when Iniesta finished ahead of the Portuguese superstar.
The shortlist is cut to three on November 30 before the awards ceremony on January 11.
Here is the complete shortlist
Sergio Aguero (Argentina/Manchester City), Gareth Bale (Wales/Real Madrid), Karim Benzema (France/Real Madrid), Cristiano Ronaldo (Portugal/Real Madrid), Kevin De Bruyne (Belgium/VfL Wolfsburg/Manchester City), Eden Hazard (Belgium/Chelsea), Zlatan Ibrahimovic (Sweden/Paris Saint-Germain), Andres Iniesta (Spain/FC Barcelona), Toni Kroos (Germany/Real Madrid), Robert Lewandowski (Poland/FC Bayern Munich), Javier Mascherano (Argentina/FC Barcelona), Lionel Messi (Argentina/FC Barcelona), Thomas Muller (Germany/FC Bayern Munich), Manuel Neuer (Germany/FC Bayern Munich), Neymar (Brazil/FC Barcelona), Paul Pogba (France/Juventus), Ivan Rakitic (Croatia/FC Barcelona), Arjen Robben (Netherlands/FC Bayern Munich), James Rodriguez (Colombia/Real Madrid), Alexis Sanchez (Chile/Arsenal), Luis Suarez (Uruguay/FC Barcelona), Yaya Toure (Côte d'Ivoire/Manchester City), Arturo Vidal (Chile/Juventus/FC Bayern Munich).