Vardy, 29, is included after scoring 24 goals to help the Foxes win the Premier League last season.
Manchester United captain Wayne Rooney is overlooked for the first time in the competition's 12-year history.
Wales and Real Madrid forward Gareth Bale makes the list for a second consecutive year.
Bale's Real Madrid team-mate Cristiano Ronaldo and Juventus goalkeeper Gianluigi Buffon are included, making them the only ever-presents for an award based on votes from professional players from 75 countries.
In total, 16 Premier League players are on the list, including Vardy's former Leicester team-mate N'Golo Kante, now at Chelsea, Manchester City's Kevin De Bruyne, Dimitri Payet of West Ham and Arsenal's Hector Bellerin.
Barcelona have the most players represented, with 12 - two more than rivals Real Madrid.
The World XI will be announced in January.
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Leicester City striker Jamie Vardy is the only English player named on the 55-man shortlist for the Fifa FIFPro team of the year.