The 40-year-old believes his compatriot is a worthy candidate following his exceptional form in 2012, but feels it is very difficult to predict who will claim the prize
The former Real Madrid and Barcelona player believes the current Seleccao skipper fully deserves to receive the award after a storming year for club and country, but insisted that there are other worthy candidates as well.
"There's nothing to stop him [Ronaldo] from winning it," Figo was quoted as saying by Mundo Deportivo.
"He is one of the favorites to win all the individual trophies there are, even more so this year, because I think he had a good season in the league and did well at the Euros.
"There are a lot of people involved in the choice, so it is always difficult to know who will win."
Figo went on to reveal his pride at having won the award back in 2000, but added that he feels it was more difficult to claim the prize during his career.
"It was one of the most special moments in my career on the individual side of things, because there are few players who have the opportunity to win this trophy.
"At the time, there were lots of players who were in with a shout, whilst now there are four or five big candidates. It was a privilege and a proud moment for me."