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

World Sailing have stated that since 1994, when the awards first took place, the trophy has accumulated the names of those who have demonstrated "unparalleled endurance, performance and accomplishment in sailing".

Nominations can be made by anyone, but everyone put forward must have demonstrated "outstanding achievement in the sport of sailing" between September 1 of last year and September 18, 2016.

The deadline for nominations is 7pm UTC on September 18.

Following the deadline, World Sailing will then produce a shortlist of nominations comprising of the "highest and most inspirational achievers of the past year".

The announcement of the winners will be made on November 8 in Barcelona, during the World Sailing Annual Conference.

The recipients of the awards 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.

New Zealand 49er duo Peter Burling and Blair Tuke won the men's prize last year, with Britain's Sarah Ayton scooping the women's gong.

Sir Peter Blake of New Zealand and Britain’s Sir Robin Knox Johnston were the inaugural winners of the men’s award back in 1994, with Spain’s two-time Olympic champion Theresa Zabell the first to receive the women’s award.

The World Sailing Annual Conference will also see elections held for the Presidency of the governing body, with Italy’s Carlo Croce seeking a second and final term.

Canada’s Paul Henderson, who previously led the organisation from 1994 to 2004, has announced his intention to challenge the Italian.

The conference is due to be held at the Hotel Renaissance from November 4 to 13.

A nomination form can be downloaded here.