The 24-year-old Siddle, who made his Test debut against India at Mohali in October last year, has taken 49 wickets in his 12-match-old Test career.
His 5/21 against England at Leeds in the Ashes series in August this year was his best so far.
Sri Lankan Tillakaratne Dilshan was chosen for the Twenty20 International Performance of the Year Award for his outstanding performance of 96 from just 57 balls against West Indies in the semi-final of the Twenty20 World Cup in England on June 19.
Ireland's William Porterfield was given the Associate and Affiliate Player of 2009, while New Zealand got the Spirit of Award.
The awards were given for the performances between August 13, 2008 and August 24, 2009.
Four Indians has been for different awards. Gautam Gambhir has been nominated for Cricketer of the Year as well as Test Player of the Year and his captain Mahendra Singh Dhoni for Cricketer of the Year and ODI Player of the Year.
Virender Sehwag and Yuvraj Singh have also been nominated for ODI Player of the Year Award.