Real Madrid attacker Vinicius Jr is regarded as favourite for the award.
But Matthaus insists injured Spain midfielder Rodri should be named the winner. He told BILD: "I think Rodri deserves the Ballon d'Or more than Vinicius.
"He was the brain and leader of the Spanish national team, which became European champions, and Manchester City, who won the EPL. These are the two titles that were won thanks to his strong performance. For me, he was outstanding this year.
"My second place would be taken by Jude Bellingham. Like Vinicius, he won the Champions League with Real, but was also one of the best players in the Euro. Last but not least, thanks to his goals, the England team reached the finals and became the vice champion of Europe. Therefore, at the top of my rating, Rodri, Bellingham, followed by Vinicius."