Ghosh, who along with Jarnail Singh and Syed Nayeemuddin had formed the country's one of the best defence in the 1960s, had represented Indian football team at the 1960 Rome Olympics and was also a part of the gold medal winning side in 1962 Jakarta Asian Games.
Besides representing India in a career spanning 1960 to 1971, Ghosh also coached the Indian national team in the 1982 Asian Games and served AIFF as a technical director from 1992-94.
East Bengal had constituted the award in 2011 which was given to legendary hockey player Leslie Claudius while former football Olympian Ahmed Khan was given the honour last year.
The club in its executive committee meeting also retained Mehtab Hossain as captain of the senior side for the upcoming season.
East Bengal also nominated two of its former players -- Samaresh Chowdhury and Abani Bose -- for Lifetime Achievement award, while defender Saumik Dey was adjudged Best Footballer.