Van Niekerk made history in the 400m final at the Olympic Games last year when he crossed the line in 43.03 seconds to break Michael Johnson’s 17-year-old mark of 43.18.
This could be his second international accolade after he was named Best Male Athlete of the 2016 Rio Games by the Association of International Olympic Committees (Anoc).
He has been nominated in his category along with Ethiopian distance runner Almaz Ayana, the Fiji men's rugby sevens team, Iceland's men's football team, Leicester City FC and Formula One driver Nico Rosberg.
The Laureus World Sports Awards, which celebrates some of the best athletes in the world for their achievements in the previous year, will be held in Monaco next month.