The award, which was instituted in 2004, has Australian captain Ricky Ponting, spin wizard Shane Warne and talismanic English all-rounder Andrew Flintoff among its past winners.
The 31-year-old Indian was picked for the honour for a second successive year after scoring "more quickly than any specialist batsman in Tests or one-day internationals", 'Cricinfo' reported.
Sehwag apart, English wicketkeeper Matt Prior, spinner Graeme Swann, batsman Graham Onions, pacer Stuart Broad and Australian vice-captain Michael Clarke were the 'Five Cricketers of the Year' chosen by the magazine.
Sehwag averaged 70, with a strike-rate of 108.9, in the Tests he played last year. In one-day internationals, Sehwag had a strike-rate of 136.5 while averaging 45.
Strauss and Dilshan were also nominated by several correspondents who were consulted about this award but fell short of Sehwag.
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