The award will now be based on performances across a whole football season, rather than a calendar year, and the jury that selects the winner will be reduced to around 100 journalists rather than the current 170.
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The nominees for the awards, which include men’s and women’s player of the year, best young player and best goalkeeper, will be announced on October 8.
The prestigious award, voted for by journalists, is an annual prize given to the best male footballer in the world since 1956.
Arsene Wenger, who has been linked with Milan, admits “I feel frustrated” not to be working after leaving Arsenal.
Atletico Madrid and France star Antoine Griezmann has said winning the Ballon d’Or award would be “incredible”.
The Ballon d’Or, awarded annually to the world’s best player, provokes endless debate among football fans and pundits each year.
Ronaldo is widely-expected to win the Ballon d’Or after guiding both his club and country to major silverware in the last 12 months