The Northern Irishman is considered a favourite for the 2025 award, following a year in which he won The Masters and played a crucial role in Team Europe's Ryder Cup victory.
McIlroy previously shunned the awards, notably in 2023 when he described it as a 'popularity contest' and declined his nomination.
He hopes to become the first golfer to win the prestigious award since Sir Nick Faldo in 1989, believing his attendance will benefit the sport.
Despite his strong year, England footballer Chloe Kelly is currently the early favourite, with F1 driver Lando Norris also a potential contender.