The Uruguayan made a significant impact for his former club Benfica before joining Liverpool for £85million in the summer, which led to him being nominated for football's most prestigious individual prize.
However, he didn't receive any votes in the final rankings, with five other players also falling into that category.
Despite having produced some impressive performances for Manchester City, defender Joao Cancelo also didn't get any votes.
Another player finishing in that position was Bayern Munich midfielder Joshua Kimmich, along with RB Leipzig's Christopher Nkunku, who has been linked with a move to Chelsea, and AC Milan goalkeeper Mike Maignan.
Paris will host the ceremony and according to Marca, three Spanish-based players will bag the top three awards of the night.
Benzema is to be crowned Ballon d'Or winner for the first time in his career, while Real Madrid team-mate Thibaut Courtois is set to win the Yashin Trophy for the best goalkeeper and Barcelona's Gavi will win the Kopa Trophy for the best young player in the world.