Raphinha struck twice, including a 98th minute penalty winner, in Barca's 4-3 win against Celta Vigo on Saturday.
Cafu told Marca: "Raphinha has deserved the Ballon d'Or for a long time.
"This year even more so, because of all the numbers and everything he has done in the championship, not only in LaLiga, but also in the Champions League."
Cafu also stated that Barça has a "possibility" of lifting the Champions League trophy this term.
Backing Ancelotti for Brazil job
Meanwhile, he has hopes of seeing Real Madrid coach Carlo Ancelotti taking charge of the Brazil national team.
He said, "I had the opportunity to work with Ancelotti at Milan for five years, so I know very well what he is capable of in the Brazilian national team shirt.
"Of course, any great coach would like to see him join the national team. It would be great to see Ancelotti, if the CBF decides so, in charge of the Brazilian national team.
"We have to wait for our leaders to decide who will be the coach of the Brazilian national team. I hope they decide as soon as possible."