Time will announce its 'TIME 100', the annual list of the world's 100 most influential people next month.
While its editors will determine the ultimate honorees, the publication has asked readers to vote from among 127 "world leaders, great minds in science and technology, outstanding figures in the arts and other icons of the moment" on who they think deserve recognition.
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Modi was named among Time's 100 most influential people in the world last year and President Barack Obama had written a profile for him for the magazine.
On Mirza, Time said India's best female tennis player secured the number one ranking in the world for women's doubles "while helping to redefine the role of female athletes in her home country."
Time said Chopra, one of the highest paid actors in Bollywood, has "caught Hollywood's attention" for her role in the drama series 'Quantico' and "will continue to do so in the Baywatch remake".
Indian-born CEOs of the world's top technology companies Google and Microsoft are also among the list of 127 probables for the annual honour.
Time said Google CEO Sundar Pichai, co-founder Larry Page's "right hand", now oversees core businesses such as Android and Youtube for the tech giant.
Under Microsoft CEO Satya Nadella, the publication said, Windows10 launched "successfully", the cloud business is "booming" and new technologies like the Hololens have industry analysts "excited".
Also on the list is Indian-origin actor Aziz Ansari.
The list also includes SpaceX CEO Elon Musk, singer Rihanna, Jamaican sprinter Usain Bolt, Harry Potter author JK Rowling, Facebook CEO Mark Zuckerberg and his wife Priscilla Chan, Myanmar's pro-democracy leader Aung San Suu Kyi, German Chancellor Angela Merkel, Pope Francis, reality TV star Kim Kardashian, Russian President Vladimir Putin and Fox News anchor Megyn Kelly.
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