Both players had stellar campaigns at club level and they have played starring roles for their squads throughout the European Championship.
The Brazilian-born Italian has impressed with his playmaking qualities in midfield and scored the winning penalty in the shoot-out against Spain in the semi-finals while the Jamaican-born Englishman has scored three goals and supplied an assist for the Three Lions.
La Gazzetta dello Sport reports Jorginho will be the favourite to win the award if Italy wins Euro 2020 whereas Sterling will earn that status if England triumph on Sunday evening.
The 29-year-old playmaker won the Champions League with Chelsea in 2020/21 while the 26-year-old played a part in Manchester City winning the English Premier League and reaching the Champions League Final.
This could also be dependent on Brazil defeating Argentina in the Copa America Final on Sunday morning CET as an Albiceleste victory could result in Lionel Messi winning the Balon d’Or for the seventh time.