Former Chelsea striker Didier Drogba, who led the Blues to Champions League success last season, too is among the candidates.
Toure won the Premier League with City last season, while Ba was influential in the Magpies' fifth-place finish in the English top flight in 2011/12.
Barcelona midfielder Alex Song, who joined the Blaugrana from Arsenal in the summer, and Marseille forward Andre Ayew complete the list.
Egypt and Al Ahly midfielder Mohamed Aboutrika has been nominated for best Africa-based player along with Zambia's African Cup winners, Rainford Kalaba and Stoppila Sunzu.
The winners will be announced on December 20.