The likes of Lionel Messi, Kylian Mbappe and Virgil van Dijk all make the cut as expected, whilst Jude Bellingham is a surprise inclusion in the midfield.
Overall, the TOTY XI is pretty spot on, however, we feel that one player's exclusion is completely unfair and undeserved.
The man in question is Manchester City and Portugal international Joao Cancelo.
The world's best
There is absolutely no doubting Joao Cancelo has been the best left-back in world football over the past 12 months.
Yes, his form has dipped since the World Cup break, but don't let this fool you into thinking he was not the best LB in the world during the 2022 calendar year.
The Portuguese defender is one of the most versatile, technically gifted and intelligent players out there.
His ability with the ball allows City to break down defences and work their way out of effective high presses in their own half.
Cancelo's role in Pep Guardiola’s side works to perfection because he has the freedom to move inside, acting as an inverted full-back and almost an extra midfielder, playing on his ‘wrong’ side, as a right-footer.
The 28-year-old was one of the key contributors to Man City's 2022 success which saw them lift the Premier League title for a sixth time.
The man who has pipped Cancelo to a spot in the FIFA 23 Team of the Year is AC Milan left-back, Theo Hernandez.
The 26-year-old's side did win the Italian Serie A title in the 2021/22 season, and he was one of the standout performers, but this by no means makes him the best in the world in his position.
Hernandez was selected for France's 2022 Qatar World Cup squad that reached the final in Doha, but despite scoring in the semi-final, was underwhelming.
He showed a real lack of football intelligence at several points throughout the tournament, for example, committing the foul to give England a penalty in the final minutes of the quarter-final.
Is Hernandez one of the best left-backs out there right now? Yes. Is he better than Cancelo? Most certainly not.
Glimmer of hope
All hope is not lost for Cancelo fans, as the City full-back has been selected as one of the contenders for the TOTY 12th Man spot.
The Portugal international has been nominated alongside City teammate Erling Haaland and Real Madrid midfielder Federico Valverde.
The 12th Man will be decided purely by a fan vote within Ultimate Team.
You will only be able to cast one vote, so make sure to select the Manchester City defender if you want him to receive an incredible item in FUT.