The award is an international career prize for active footballers over the age of 28 and will be chosen from a list of 10 nominees.
Past winners of the award, which takes into account the whole of a footballer's career as well as current form, include Roberto Carlos, Ronaldinho, Francesco Totti, and last year's winner, Zlatan Ibrahimovic.
Wednesday's accolade will be contested between Cristiano Ronaldo, Andrea Pirlo, Andres Iniesta, Frank Lampard, David Trezeguet, Samuel Eto'o, Iker Casillas, Miroslav Klose, Didier Drogba and David Beckham. Legends of the game Papin, Valderrama and Ardiles will also have their moment.
Tricky Argentine midfielder Ardiles, now 61, won 63 caps for the national team, including playing in the victorious World Cup-winning squad of 1978.
Valderrama, also known as 'El Pibe' (The Kid) was one of the best midfielders of his generation and brought some of his magic to World Cup '90 and '94.