Federer usurped Nadal earlier this month in the world rankings when he reached No 1 after making the quarter-finals of the Rotterdam Open.
The Swiss legend has enjoyed a fantastic start to the 2018 season and clinched the 20th Grand Slam of his career when he won the Australian Open last month.
And now Federer and Nadal will be looking to take some the coveted the Laureus Sportsman of the Year award.
The pair have been nominated for the prize along with Usain Bolt, Mo Farah, Chris Froome, Lewis Hamilton and Cristiano Ronaldo.
Federer will be hoping to take the accolade for a fifth time.
Nadal should he win, is unlikely to receive the award in person as he’s competing in the Mexico Open.
Insofar as Federer is concerned, the Swiss legend insists he is still motivated to perform well because he’s playing in front of a huge crowd.
He said: “Maybe to prove to myself that I can still get titles after 15 years.
“The joy of being able to compete in front of an audience (too).
“How often this will be has been uncertain for several years because I go year-by-year.”