The awards, which have been sponsored by famous watchmakers Rolex since 2001, are viewed as the most prestigious recognition of achievement in the sport.

Since the awards' inception in 1994, the trophy has celebrated the achievements of sailors, both individually and as a team, who have "demonstrated unparalleled endurance, performance and accomplishment in sailing".

The nominations for this year's awards include a number of Rio 2016 Olympic, Paralympic and world champions, with a men's and women's winner set to be selected.

One nominee in the male category is Argentina's Santiago Lange.

Lange, the oldest sailor competing in Rio at 55, won gold with Cecilia Carranza Saroli in the Nacra 17 event just one year after he was diagnosed with cancer and had to have a lung removed. 

Other contenders for the male award are New Zealand duo Peter Burling and Blair Tuke, who have been shortlisted after they dominated the 49er fleet in Rio, winning with two races to spare.

Sime Fantela and Igor Marenic, who won Croatia's first ever sailing Olympic gold medal in Rio in the men's 470 event, and Great Britain's Giles Scott, who became both Olympic and world finn champion this year, are also in contention.

The fifth and final male nominee is French Paralympian Damien Seguin.

He sealed his second Paralympic gold medal in Rio when he beat Australia's Matthew Bugg in the 2.4 Norlin OD event.

Nominees for the women's award include Rio 2016 laser radial Olympic gold medallist Marit Bouwmeester of The Netherlands, as well as Lange's Olympic partner Saroli.

Brazilians Martine Grael and Kahena Kunze have also made the final list after they won gold in the Rio 2016 49erFX event, in what was a nervy race for the title in front of their home fans. 

Grael and Kunze defeated the New Zealand pair of Alex Maloney and Molly Meech by just two seconds at the finish, sparking wild scenes of celebration.

Britain's Hannah Mills and Saskia Clark finally managed to win Olympic gold following a disappointing silver in London four years earlier, and have been rewarded with a nomination.

They eased to victory in the women's 470 event whilst the fifth and final female contender is Charline Picon of France, who also won gold in the Brazilian city. 

Picon won gold at the 2014 and 2015 Olympic RS:X test events and added a third title in Rio this summer as a second place finish in the medal race was enough to secure her maiden Olympic title.

The winners of both awards will be announced on November 8 in Barcelona, Spain, the host city of World Sailing's 2016 Annual Conference.

The male and female winners will be decided by World Sailing Member National Authorities, attendees on the night as well as, for the first time, the public.

Public voting will begin on November 4 for a period of 72 hours.

Winners will be presented with a unique marble and silver trophy depicting the globe, crowned with five silver spinnakers representing the continents, together with a Rolex watch.

Beginning with Sir Peter Blake and Sir Robin Knox Johnston, the inaugural winners, the trophy has been won by some of the sport's biggest names.

Other previous recipients include the most successful sailor in Olympic History, four-time gold medallist Sir Ben Ainslie, as well as 2008 Olympic Champion Anna Tunnicliffe.