The former Italy centre-half believes that there are other candidates worthy of the coveted award, not just the popular figures of Messi and Ronaldo
Three-time winner Lionel Messi and Cristiano Ronaldo are the favourites for the trophy, but Cannavaro believes that the process should not be a two-horse race.
"I [don't think it is] between Messi and Ronaldo - I'd choose Pirlo or Iniesta," the former Italy international told reporters.
"Iniesta is amazing with Spain and has won the last two European Championships.
"Pirlo is extraordinary, and has not only won the Scudetto with Juventus but reached the final of Euro 2012 with Italy."
As the Barcelona star gets closer to breaking Gerd Muller's record for goals scored in a calendar year and Ronaldo has been in prolific form with Real Madrid in 2012, Cannavaro admits that such feats are difficult to beat.
"Of course I realise that it will be difficult for them to overcome two star players like Messi and Cristiano Ronaldo," he added.