Chelsea's centre-back duo and the Tottenham winger have been honoured by being placed on the 20-man list along with two Manchester United players and eight La Liga defenders
Other nominations from England's top division include Ashley Cole, Rio Ferdinand, Patrice Evra, Branislav Ivanovic and Vincent Kompany.
The whole back line of Chelsea's 2011-12 Champions League-winning team have made the cut, while only Manchester City's captain is on the list for the Premier League champions.
Bale's inclusion will come as a shock to many supporters, with the 23-year-old Wales international playing in an advanced position on the left wing for Tottenham since 2010.
Terry skippered his side in the Champions League semi-final, but missed the final after being sent off for kicking out at Barcelona forward Alexis Sanchez.
Luiz impressed fans with a flair for attacking play alongside his defensive skills, and converted his spot kick in the penalty shootout victory against Bayern Munich in the European final.
Ferdinand and Evra feature for the Premier League runners-up after being pipped to the title on goal difference on the last day of the 2011-12 season.
Nine La Liga players have made the list, with five from Barcelona and three from Spanish champions Real Madrid.
Defenders shortlisted for Fifa/FIFPro World XI: Jordi Alba (Spain, Barcelona); Gareth Bale (Wales, Tottenham Hotspur); Giorgio Chiellini (Italy, Juventus); Ashley Cole (England, Chelsea); Dani Alves (Brazil, Barcelona); David Luiz (Brazil, Chelsea); Patrice Evra (France, Manchester United); Rio Ferdinand (England, Manchester United); Mats Hummels (Germany, Borussia Dortmund); Branislav Ivanovic (Serbia, Chelsea); Vincent Kompany (Belgium, Manchester City); Philipp Lahm (Germany, Bayern Munich), Marcelo (Brazil, Real Madrid); Javier Mascherano (Argentina, Barcelona); Pepe (Portugal, Real Madrid); Gerard Piqué (Spain, Barcelona); Carles Puyol (Spain, Barcelona); Sergio Ramos (Spain, Real Madrid); John Terry (England, Chelsea); Thiago Silva (Brazil, Paris St-Germain)