"Asif is eligible for the award as the period under consideration was before the doping offence," said Malcolm Speed, chief executive of the International Cricket Council (ICC).
Asif, who is among four players in contention for the "emerging player" award, was asked by the Pakistan Cricket Board (PCB) to return from the ongoing Champions Trophy with fellow bowler Shoaib Akhtar.
The English trio of Alastair Cook, Ian Bell and left-arm spinner Monty Panesear are the others in contention for the award.
Asif had tested positive for banned substance 'nandralone' during tests conducted by the PCB before the team left for India.
"The PCB has conducted a hearing and we have been informed that a decision will be taken by October 26," added Speed.
Australian captain Ricky Ponting has found himself shortlisted in four categories.
The 31 year old is a strong favourite for the 'Test player' award having scored nine centuries in Tests between August 1 last year and August 8 this year, the period for which the awards are being given.
Ponting's run during the period includes three instances of scoring a century in each innings of a Test match.
The Tasmanian is also in the running for 'one day player', 'best captain' and 'player of the year' award.
The panel for the awards is headed by former India skipper Sunil Gavaskar.
The awards will be presented in Mumbai on November 3.
Cricketer of the year: Michael Hussey (AUS), Muttiah Muralitharan (SRI), Ricky Ponting (AUS), Mohammad Yousuf (PAK).
Test player of the year: Muttiah Muralitharan, Ricky Ponting, Shane Warne (AUS), Mohammad Yousuf.
One-day player of the year: Michael Hussey, Mahela Jayawardene (SRI), Ricky Ponting, Yuvraj Singh (IND).
Emerging player of the year: Mohammad Asif (PAK), Alastair Cook (ENG), Ian Bell (ENG), Monty Panesar (ENG).
Captain of the year: Ricky Ponting, Rahul Dravid (IND), Michael Vaughan (ENG), Mahela Jayawardene.
Woman player of the year: Karen Rolton (AUS), Anjum Chopra (IND), Katherne Brunt (ENG).
Spirit of cricket: India, England, New Zealand, Sri Lanka.
Best umpire of the year: Aleem Dar (PAK), Rudi Koertzen (RSA), Simon Taufel (AUS).