The 28-year-old Dhawan was the highest run-scorer during India's triumph in the ICC Champions Trophy, amassing 363 runs in five ODIs at an average of 90.75. He was awarded Man of the Series for his performance that included centuries against South Africa and West Indies.
His performance during the tournament in England was acknowledged by Wisden, which also named Australian duo Chris Rogers and Ryan Harris, England batsman Joe Root and England women's captain Charlotte Edwards in the list.
In 2013, Dhawan scored 1162 runs in 26 ODIs at an average of 50.52, but the left-hander is currently going through a dip in form and was dropped from the side after the Bangladesh match during the recent World Twenty20.
The Cricketer of the Year is chosen by the editor of the Wisden Cricketers' Almanack, based on their "excellence in, or performance on, the previous English summer". It can be won only once in a player's career.
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Wisden editor, Lawrence Booth, however, criticised the sports administrators and dismissed the new ICC blueprint as "colonial-style divide and rule", that meant "the rich would be getting a whole lot richer".
"Cricket is appallingly administered, and is vulnerable to economic exploitation by the country (India) powerful enough to exploit it and the two countries (Australia and England) prepared to lend their plans credibility," Booth, editing the Almanack for the third time, wrote in the 151st edition of British-based Wisden.
India, Australia and England -- together termed as the 'Big Three' -- were handed the majority of the powers and revenue by ICC in February.