Ronaldo is reported to be runner-up with World Cup victor Antoine Griezmann third in the voting.
Ronaldo had won the previous two Ballon d'Or trophies but his exploits for club and country were not enough for him to win an unprecedented sixth title.
Ronaldo, who joined Real Madrid from Juventus in the summer, came second.
Modric, meanwhile, received the World Cup Golden Ball as the tournament's best player and won the Champions League with Real Madrid.
Ebola outbreak in east Congo now world's second biggest
This is the 10th Ebola Virus Disease (EVD) in DRC since 1976, accounting for almost half off all outbreaks. Testing of four experimental Ebola drugs have begun.
Lionel Messi could only manage fifth place, behind Kylian Mbappé.
The award, which began in 1956, was selected by a panel of worldwide journalists, which included just one representative from each country.
That was just the beginning as he went on to be crowned by France Football, ending 10 years of dominance by Cristiano Ronaldo and Lionel Messi to enter the history books.
Speaking after picking up the award, Modric said: "It is a unique feeling".
France worldwide and Paris Saint-Germain striker Kylian Mbappe has won the inaugural Kopa Trophy for the best Under-21 player.
Ronaldo finished second in the Ballon d'Or running, beating Antoine Griezmann on the podium.
Did LeBron James Just Reveal Where His Son Will Play College Basketball?
Still, Josh Hart noted that while playing without Ball would be hard , the Lakers still have games to win. The Lakers do have short-term solutions to the point guard dilemma in Brandon Ingram and James.
The teenage talent has enjoyed a sensational year, winning a plethora of domestic titles with the Parisians, as well as lifting the World Cup with Les Bleus in Russian Federation over the summer.
It will crown a big year for Modric who has already won UEFA Best Player in Europe.
The Portuguese superstar also equalled a 61-year-old Juve record.
Real Madrid's Thibaut Courtois, formerly of Chelsea, was the highest-ranked goalkeeper in this year's Ballon d'Or list in 14th, while his former Blues teammate N'Golo Kanté took 11th place.
Messi's Ballon d'Or wins: 5.
US Fed says another rate hike "likely to be warranted fairly soon"
His emphasis on Wednesday suggested greater flexibility to stop sooner or move more slowly. "What do you do?" said Powell in NY . It was a "rookie mistake, " Omair Sharif, senior US economist at Societe Generale, said Wednesday in a note to clients.