Real Madrid legend Roberto Carlos, who played at left-back, was second in the 2002 Ballon d’Or, which was won by Brazil team-mate Ronaldo after their World Cup triumph that year.
England’s Lucy Bronze, a right-back, came second to USA’s Megan Rapinoe in the women’s award in 2019.
Two full-backs have been nominated for the men’s 2024 award – Spain and Real Madrid defender Dani Carvajal and Spain and Bayer Leverkusen’s Alejandro Grimaldo. The ceremony takes place on Monday.
Real Madrid are reported to be interested in signing Alexander-Arnold, who is out of contract at the end of this season.
He has won the Premier League, Champions League, FA Cup and Carabao Cup at Liverpool, his boyhood club, and made more than 300 appearances.
Former England manager Gareth Southgate occasionally played Alexander-Arnold in midfield, including during Euro 2024.
Asked how he wants to be remembered after he retires, Alexander-Arnold said: “A legend of football, someone who changed the game.
“That is the main thing that I have – ‘don’t play the game; change the game’. I want that legacy of being the greatest right-back to have played football.
“I have got to reach for the stars and that’s where I believe my ceiling can go.”