Sherif, who has participated in a total of 296 rallies as co-driver/navigator, has appeared alongside 49 different rally drivers over his career.
For Arjuna Award, the Board will send the names of senior batsman Shikhar Dhawan, who was ignored last year, K L Rahul and pacer Jasprit Bumrah.
Harmanpreet Singh, Vandana Katariya and Navjot Kaur have been nominated for the Arjuna Award, while former India players R P Singh and Sanggai Ibemhal have been recommended for the Dhyan Chand Award for Lifetime Achievement.
The Sports Ministry decided against bestowing the Arjuna Award on former Khel Ratna winners Sakshi Malik and Mirabai Chanu.
Apart from Rohit Sharma, wrestler Vinesh Phogat, 2016 Rio Paralympics gold medallist Mariyappan Thangavelu, table tennis sensation Manika Batra and Indian women's hockey captain Rani Rampal have been recommended for the honour.
Shikhar Dhawan, Ishant Sharma and Deepti Sharma have been nominated for the Arjuna Award.
Deepa, who won a silver medal in the shot put F53 category in the 2016 Rio Paralympics, was joint winner of the top honour with Asian and Commonwealth Games champion Bajrang Punia.
The name of 48-year-old Deepa, who won a silver in the shot put F53 category in the 2016 Rio Paralympics, was added for the Khel Ratna by a 12-member selection committee.
Punia is all set to be rewarded for his consistent showing in the field of wrestling and bringing laurels to the country.
This year's award ceremony was postponed to September 25 from the usual August 29 due to the clash of dates with the Asian Games.