The number(s) beside the bolded rank are the previous couple of rankings. The plan now is to add player profiles (including full ranking history of each player), so watch out for that.
EDIT: Player profiles mostly starting at the bottom of the list are now slowly but surely being added/updated randomly edited/improved and actually appearing as links on the list. With some players the latest thoughts appearing might be from the 11/12 mid-season or even older than that, maybe cause there is not THAT much to add right now and at least it gives some historical flavor, but yes new thoughts will appear eventually.
There is also still the discussion thread, with many thoughts on players and their rankings. Why they're ranked where they are. The rundown I did on this newest version of the list starts around HERE
27-07-2012 update:
I've added positional rankings.
That players are ranked as overall players rather than midfielder vs midfielder or defender vs defender which will sometimes influence the order. To use the classic example I don't think David Luiz is the 17th best defender in the world but I think he is a better player than those centrebacks he is still ahead of.
Forwards
Attacking midfielders/Wingers
Central/other midfielders
Centrebacks
Fullbacks
And I definitely won't rule out attempting a goalkeeper list soon.
18-09-2012 update:
Well, I'm feeling some motivation again and also discovered, or remembered if you will, just how many old and somewhat dated player profiles that are lying around in various places on this blog that I would like to update.
For an example here is Andrea Pirlo, Javier Zanetti and Dejan Stankovic
I'm still working my way slowly down the list however, but more player-links various places on the list should surface in the coming weeks.
The end of 2011/12 the start of 2012/13 Season ranking:
300 297 Juan Arango - Venezuela - Borussia Mönchengladbach
299 298 Alex Oxlade-Chamberlain - England - Arsenal
298 Oussama Assaidi - Morocco - Herenveen
297 Yuri Zhirkov - Russia - Anzhi
296 266 185 Bryan Ruiz - Costa Rica - Fulham
295 284 284 Rafael - Brazil - Manchester United
294 Junior Hoilett - Canada - Blackburn/QPR
293 190 67 Lucas Barrios - Paraguay - Dortmund/Guangzhou
292 Andriy Yarmolenko - Ukraine - Dynamo Kiev
291 Kyle Walker - England - Tottenham
290 Ilkay Gündogan - Germany - Dortmund
289 Raúl García - Spain- Osasuna/Atletico Madrid
288 Eduardo Salvio - Argentina - Atletico Madrid/Benfica
287 279 Hugo Campagnaro - Argentina - Napoli
286 295 264 Deco - Portugal - Fluminese
285 Tomas Rosicky -
284 Hatem Ben Arfa - France - Newcastle
283 Filipe Luís Kasmirski - Brazil - Atletico Madrid
282 275 Fabrizio Miccoli - Italy - Palermo
281 Adriano - Brazil - Barcelona
280 Luiz Gustavo - Brazil - Bayern München
279 251 Cristian Ledesma - Italy - Lazio
278 Mapou Yanga-Mbiwa - France - Montpellier
277 Gael Clichy - France - Manchester City
276 Jonny Evans - Northern Ireland - Manchester United
275 292 Gary Medel - Chile - Sevilla
274 288 Felipe Melo - Brazil - Galatasaray/Juventus?
273 Markel Susaeta - Spain - Athletic Bilbao
273 Beñat - Spain - Real Betis
272 286 233: Gabi - Spain - Atletico Madrid
270 Jakub Blaszczykowski - Poland - Dortmund
269 280 Mathieu Debuchy - France - Lille/?
268 277 Granit Xhaka - Switzerland - Basel/Borussia Mönchengladbach
267 267 Dries Mertens - Belgium - PSV
266 241 137: Milos Krasic - Serbia - Juventus/Fenerbahce
265 249 199: Alberto Aquilani -Italy -Liverpool/Milan/Fiorentina
264 234 146: Dejan Stankovic - Serbia - Inter
263 238 175: Balázs Dzsudzsák - Hungary - Anzhi/Dynamo M
262 239 135: Theo Janssen - Netherlands - Ajax
261 224 95 Dirk Kuyt - Netherlands - Liverpool/Fenerbahce
260 257 213: Moussa Sow - Senegal - Fenerbahce
259 258 Fred - Brazil - Fluminense
258 203 Tom Cleverley - England - Manchester United
257 227 202: Adam Johnson - England - Manchester City
256 204 183: Ivica Olic - Croatia - Bayern München/Wolfsburg
255 213 240: Mauricio Isla - Chile - Udinese/Juventus
254 193 124: Ji Sung Park - South Kora - Manchester United/QPR
253 233 179: Juan Manuel Vargas - Peru - Fiorentina/Genoa
252 218 248: Juan - Brazil - Roma/Internacional
251 215 262: Kim Källström - Sweden - Lyon/Spartak Moscow
250 212 219: Aaron Ramsey - Wales - Arsenal
249 252 250 269: Antonio Reyes - Spain - Atletico Madrid/Sevilla
248 231 Stephan Lichtsteiner - Switzerland - Juventus
247 243 Senad Lulic - Bosnia Herzegovina - Lazio
246 276 Kwadwo Asamoah - Ghana - Udinese/Juventus
245 269 234: Antonio Nocerino - Italy - Milan
244 237 156: Marko Marin - Germany - Werder Bremen/Chelsea
243 196 134: Anderson - Brazil - Manchester United
242 207 229: Alex - Brazil - Fenerbahce
241 240 142: Jon Obi Mikel - Nigeria - Chelsea
240 222 216: Ivan Rakitić - Croatia - Sevilla
239 232 Benoit Assou-Ekotto - Cameroon - Tottenham
238 Andrea Barzagli - Italy - Juventus
237 209 296: Daniel Sturridge - England - Chelsea
236 Gylfi Sigurðsson - Iceland - Swansea/Tottenham
235 94 65 Mikel Essien - Ghana - Chelsea/Real Madrid
234 167 215: Mamadou Sakho - France - PSG
233 271 Isco - Spain - Malaga
232 219 157: John Terry - England - Chelsea
231 188 Micah Richards - England - Manchester City
230 220 282: Anatolij Tymoshchuk - Ukraine - Bayern München
229 230 Adrián - Spain - Atletico Madrid
228 287 Michu - Spain - Rayo Vallecano
227 223 299: Holger Badstuber - Germany - Bayern München
226 160 97: Ricardo Carvalho - Portugal - Real Madrid
225 217 153: Sandro - Brazil - Tottenham
224 214 295: Chiek Tiote - Ivory Coast - Newcastle
223 211 190: Gareth Barry - England - Manchester City
222 182 88 David Pizarro - Chile - Roma/Manchester City
221 158 91 Gervinho - Ivory Coast - Arsenal
220 189 141 168 James Milner - England - Manchester City
219 162 76 Seydou Keita - Mali - Barcelona/ Dalian Aerbin
218 225 Daniel Agger - Denmark - Liverpool
217 Dede - Brazil - Vasco da Gama
216 285 Younes Kaboul - France - Tottenham
215 262 Fabricio Coloccini - Argentina - Newcastle
214 Nikica Jelavic - Croatia - Everton
213 245 Lars Bender - Germany - Leverkusen
212 278 Luuk de Jong - Netherlands - Twente/Borussia Mönchengladbach
211 284 Roman Shirokov - Russia - Zenit
210 212 159 102: Lucio - Brazil - Inter/Juventus
209 210 Pablo Zabaleta - Argentina - Manchester City
208 192 189: Theo Walcott - England - Arsenal
207 191 115: Ashley Young - England - Manchester United
206 Oscar - Brazil - Internaciona/Chelsea
205 261 277: Clint Dempsey - USA - Fulham
204 260 Pablo Aimar - Argentina - Benfica
203 291 Gastón Ramírez - Uruguay - Bologna
202 194 Javi García - Spain - Benfica/Manchester City
201 Riquelme - Argentina - Boca Juniors
200 235 111: Ibrahim Afellay - Netherlands - Barcelona/Schalke 04
199 255 Rodrigo Palacio - Argentina - Genoa/Inter
198 175 201: Loic Remy - France - Marseille
197 256 Seydou Doumbia - Côte d'Ivoire - CSKA Moscow
196 186 191: Francesco Totti - Italy - Roma
195 228 166: Andrei Arshavin - Russia - Arsenal/Zenit
194 153 129: Borja Valero - Spain - Villarreal/Fiorentina
193 Mario Mandzukic - Croatia - Wolfsburg/Bayern München
192 229 165: Alvaro Negredo - Spain - Sevilla
191 226 212: Alexandr Kerzhakov - Russia - Zenit
190 206 Jonas - Brazil - Valencia
189 259 Leandro Damião - Brazil - Internacional
188 180 104: Patrice Evra - France - Manchester United
187 179 75 Ashley Cole - England - Chelsea
186 177 252: Alvaro Arbeloa - Spain - Real Madrid
185 195 Kevin Strootman - Netherlands - PSV
184 197 273: Neven Subotic - Serbia - Dortmund
183 201 Fernandinho - Brazil - Shakhtar Donetsk
182 181 113: Raul Meirelles - Portugal - Chelsea
181 184 Stéphane Sessegnon - Benin - Sunderland
180 154 107: Ryan Giggs - Wales - Manchester United
179 187 Nigel De Jong - Netherlands - Manchester City
178 NR 241 Moussa Dembélé - Belgium - Fulham
177 129 73 Yoann Gourcuff - France - Lyon
176 128 122: Kevin Gameiro - France - PSG
175 126 85 Giampaolo Pazzini - Italy - Inter/Milan
174 216 258: Domenico Criscito - Italy - Zenit
173 171 210: Oscar Cardozo - Paraguay - Benfica
172 199 276: Andres Guardado - Mexico - Deportivo La Coruna/Valencia
171 105 133: Andre Ayew - Ghana - Marseille
170 149 235: Mathieu Valbuena - France - Marseille
169 183 246: Darijo Srna - Croatia - Shakthar Donetsk
168 178 254: Landon Donovan - USA - LA Galaxy
167 151 123: Mirko Vucinic - Montenegro - Juventus
166 172 121: Luis Fabiano - Brazil - Sao Paulo
165 169 220: Marvin Martin - France - Sochaux/Lille
164 137 244: Christian Eriksen - Denmark - Ajax
163 157 138: Keisuke Honda - Japan - CSKA Moscov
162 174 278: James Rodriguez - Colombia - FC Porto
161 166 214: Adil Rami - France - Valencia
160 Younès Belhanda - Morocco - Montpellier
159 168 Ander Herrera - Spain - Athletic Bilbao
158 185 160: Jefferson Farfan - Peru - Schalke 04
157 161 120: David Luiz - Brazil - Chelsea
156 200 289: Sebastian Giovinco - Italy - Parma/Juventus
155 156 150: Thomas Vermaelen - Belgium - Arsenal
154 131 109: Robinho - Brazil - Milan
153 173 Olivier Giroud - France - Montpellier/Arsenal
152 125 87 Jack Wilshere - England - Arsenal
151 110 84 Rio Ferdinand - England - Manchester United
150 124 177: Scott Parker - England - Tottenham
149 145 131: Mark Van Bommel - Netherlands - Milan/PSV
148 176 268: Thiago Motta - Italy - Inter/PSG
147 144 71 Lucho Gonzalez - Argentina -Marseille/FC Porto
146 141 Paul Scholes - England - Manchester United
145 135 154: Yann M'Vila - France - Rennes
144 130 224: Jadson - Brazil - Shakthar Donetsk/Sao Paulo
143 147 265: Kevin Prince Boateng - Ghana - Milan
142 170 181: Bruno Soriano - Spain -Villarreal
141 236 205: Papiss Cisse - Senegal - Freiburg/Newcastle
140 David Alaba - Austria - Bayern München
139 281 Łukasz Piszczek - Poland - Dortmund
138 102 62 Diego Forlan - Uruguay - Inter/Internacional
137 146 164: Michel Bastos - Brazil - Lyon
136 89 152: Ganso - Brazil - Santos/?
135 165 174: Joaquin - Spain - Malaga
134 163 136: Branislav Ivanovic - Serbia - Chelsea
133 143 92 Pepe - Portugal - Real Madrid
132 155 159: Antonio Cassano - Italy - Milan
131 119 249: Arda Turan - Turkey - Atletico Madrid
130 118 180: Danny - Portugal - Zenit
129 148 Willian - Brazil -Shakhtar Donetsk
128 134 149: Marouane Fellaini - Belgium - Everton
127 133 207: Roberto Soldado - Spain - Valencia
126 132 77 Fernando Torres - Spain -Chelsea
125 108 144: Lass Diarra - France - Real Madrid
124 115 125: Andre Schürrle - Germany - Leverkusen
123 136 223: Jeremy Toulalan - France - Malaga
122 121 218: Lucas - Brazil - Sao Paolo/PSG
121 91 241 Lukas Podolski - Germany -FC Köln/Arsenal
120 150 171: Jeremy Menez - France - PSG
119 140 Jordi Alba - Spain - Valencia/Barcelona
118 120 Axel Witsel - Belgium - Benfica/Zenit
117 87 94 Fabio Coentrao - Portugal - Real Madrid
116 93 163: Mario Balotelli - Italy - Manchester City
115 127 Danny Welbeck - England - Manchester United
114 164 130: Gokhan Inler - Switzerland - Napoli
113 142 170: Jan Vertonghen - Belgium - Ajax/Tottenham
112 109 100: Eric Abidal - France - Barcelona
111 122 105: Giorgio Chiellini - Italy - Juventus
110 139 271: Miroslav Klose - Germany - Lazio
109 123 116: Mikel Arteta - Spain - Arsenal
108 103 106: Michael Carrick - England - Manchester United
107 117 167: Miralem Pjanic - Bosnia and Herzegovina - Roma
106 116 140: Nene - Brazil - PSG
105 114 145: Raul - Spain - Schalke 04/Al Sadd
104 113 Demba Ba -Senegal - Newcastle
103 111 103: Gerard Pique - Spain - Barcelona
102 152 Laurent Koscielny - France - Arsenal
101 112 110: Riccardo Montolivo - Italy - Fiorentina/Milan
100 98 81 Jesus Navas - Spain - Sevilla
99 107 148: Claudio Marchisio - Italy - Juventus
98 106 Xherdan Shaqiri - Switzerland - Basel/Bayern München
97 84 37 Alexandre Pato - Brazil - Milan
96 104 158: Carlos Puyol - Spain - Barcelona
95 95 93 Javier Zanetti - Argentina - Inter
94 82 38 Dimitar Berbatov - Bulgaria - Manchester United/Fulham
93 86 128: Lucas Leiva - Brazil - Liverpool
92 88 79 Joao Moutinho - Portugal - FC Porto
91 85 27 Nuri Sahin - Turkey - Real Madrid/Liverpool
90 81 69 Esteban Cambiasso - Argentina - Inter
89 83 44 Pedro - Spain - Barcelona
88 78 23 Giuseppe Rossi - Italy - Villarreal
87 101 169: Ezequiel Lavezzi - Argentina - Napoli/PSG
86 77 39 Antonio Di Natale - Italy - Udinese
85 79 50 Edin Dzeko - Bosnia/Herzegovina - Manchester City
84 76 26 Steven Gerrard - England - Liverpool
83 53 41 Kaka - Brazil - Real Madrid
82 65 230: Nicolas Gaitan - Argentina - Benfica
81 44 89 Ever Banega - Argentina - Valencia
80 62 70 Nemanja Vidic - Serbia - Manchester United
79 72 83 Bacary Sagna - France - Arsenal
78 75 60 Ramires - Brazil - Chelsea
77 70 21 Samir Nasri - France - Manchester City
76 97 132: Alex Song - Cameroun - Arsenal
75 74 117 Stevan Jovetic - Montenegro - Fiorentina
74 69 59 Hulk - Brazil - FC Porto/Zenit
73 99 143 Javi Martinez - Spain - Athletic Bilbao/Bayern München
72 66 114: Yohan Cabaye - France - Newcastle
71 55 42 Javier Hernandez - Mexico - Manchester United
70 56 24 Frank Lampard - England - Chelsea
69 58 78 Philipp Lahm - Germany - Bayern München
68 52 55 Maicon - Brazil - Inter/Manchester City
67 67 63 Diego Milito - Argentina - Inter
66 96 99: Sami Khedira - Germany - Real Madrid
65 54 108: Emmanuel Adebayor - Togo - Tottenham/Manchester City?
64 80 96 Diego - Brazil - Atletico Madrid/Wolfsburg?
63 49 184: Thiago Alcântara - Spain - Barcelona
62 57 48 Hernanes - Brazil - Lazio
61 48 33 Rafael Van der Vaart - Netherlands - Tottenham/Hamburger SV
60 100 Iker Muniain - Spain - Athletic Bilbao
59 59 80 Javier Pastore - Argentina - PSG
58 43 32 Lisandro Lopez - Argentina - Lyon
57 73 54 Arturo Vidal - Chile - Juventus
56 46 40 Marek Hamsik - Slovakia - Napoli
55 60 90 Marcelo - Brazil - Real Madrid
54 63 119: Mats Hummels - Germany - Dortmund
53 37 20 David Villa - Spain - Barcelona
52 68 101: Vincent Kompany - Belgium - Manchester City
51 42 52 Mario Gomez - Germany - Bayern München
50 90 173: Klaas Jan Huntelaar - Netherlands - Schalke 04
49 61 82 Sergio Ramos - Spain - Real Madrid
48 98: Thiago Silva - Brazil - Mila/PSG
47 45 86 Javier Mascherano - Argentina - Barcelona
46 41 68 Antonio Valencia - Ecuador - Manchester United
45 30 35 Thomas Müller - Germany - Bayern München
44 138 283: Robert Lewandowski - Poland - Dortmund
43 39 64 Alexis Sanchez - Chile - Barcelona
42 64 147: Toni Kroos - Germany - Bayern München
41 71 127: Shinji Kagawa - Japan - Dortmund/Manchester United
40 40 58 Daniele De Rossi - Italy - Roma
39 92 19 Didier Drogba - Ivory Coast - Chelsea/Shanghai Shenhua
38 47 57 Fernando Llorente - Spain - Athletic Bilbao
37 51 126: Marco Reus - Germany - Mönchengladbach/Dortmund
36 36 45 Sergio Busquets - Spain - Barcelona
35 24 56 Mario Götze - Germany - Dortmund
34 34 46 Gareth Bale - Wales - Tottenham
33 33 36 Dani Alves - Brazil - Barcelona
32 32 51 Juan Manuel Mata - Spain - Chelsea
31 27 29 Nani - Portugal - Manchester United
30 25 28 Angel Di Maria - Argentina - Real Madrid
29 38 66 Neymar - Brazil - Santos
28 23 8 Samuel Eto'o - Cameroun -Anzhi
27 35 53 Santi Cazorla - Spain -Malaga/Arsenal
26 22 6 Carlos Tevez - Argentina - Manchester City
25 16 9 Arjen Robben - Netherlands - Bayern München
24 18 11 Luis Suarez - Uruguay - Liverpool
23 31 25 Gonzalo Higuain - Argentina - Real Madrid
22 29 49: Radamel Falcao - Colombia - Atletico Madrid
21 28 47 Karim Benzema - France - Real Madrid
20 21 16 Wesley Sneijder - Netherlands - Inter
19 26 30 Edinson Cavani - Uruguay - Napoli
18 17 15 Luka Modric - Croatia -Tottenham
17 19 22 Yaya Tore - Ivory Coast - Manchester City
16 15 18 Franck Ribery - France - Bayern München
15 13 31 Bastian Schweinsteiger - Germany - Bayern München
14 12 10 Xabi Alonso - Spain - Real Madrid
13 14 43 Eden Hazard - Belgium - Lille/Chelsea
12 11 12 Sergio Aguero - Argentina - Manchester City
11 9 14 Mesut Özil - Germany - Real Madrid
10 10 34 Robin Van Persie - Netherlands - Arsenal
9 8 17 David Silva - Spain - Manchester City
8 20 61 Andrea Pirlo - Italy - Juventus
7 6 7 Cesc Fabregas - Spain - Barcelona
6 7 13 Zlatan Ibrahimovic - Sweden - Milan/PSG
5 5 5 Wayne Rooney - England - Manchester United
4 4 4 Andrés Iniesta - Spain - Barcelona
3 3 2 Xavi - Spain - Barcelona
2 2 3 Cristiano Ronaldo - Portugal - Real Madrid
1 1 1 Lionel Messi - Argentina - Barcelona
Former rankings:
2011/2012 Mid-season ranking
End of 2010/11 - Start of 2011/12 ranking
2010/2011 Mid-season ranking: