On Sunday, the US publication announced that voting for the 2022 prize was officially open, allowing readers to support “the person or group who had the greatest influence on 2022 – for better or worse”.
The King is up against 60 global figures and the winner will feature on the front cover of the magazine's iconic annual issue.
The Person of the Year is ultimately chosen by Time's editors and will be revealed next month.
Queen Elizabeth II was voted Time’s Woman of the Year in 1952, the same year she ascended the throne.
According to Time, Mr Zelensky is currently ahead of Charles III, as 24 per cent of people have voted for Ukraine’s president to receive the honour.
Two per cent of people have voted for the King.
Putin invaded Ukraine this year, Mr Trump announced he was running for re-election and Mr Sunak became Prime Minister.
Women protesters in Iran are leading the long list, with 84 per cent of people backing them.
Their demonstrations were sparked by the death in police custody of 22-year-old Mahsa Amini after she was arrested for allegedly failing to adhere to the Islamic Republic’s strict religious code.
Elon Musk, who won last year, is up for the award again this year, and currently five per cent have voted for the new Twitter boss.
Musical artists including Taylor Swift, Beyonce, Lizzo and Harry Styles are also in the running, as well as athletes Steph Curry, a basketball player, and Serena Williams, of Wimbledon fame.
The US House Select Committee, which is currently investigating the Jan 6 riot at the Capitol, is currently on seven per cent.
The committee recently voted to subpoena Mr Trump over his alleged involvement in the storming of the legislature in which five people died after he claimed the result of the election was fake.
Joe Biden, the US president, and Kamala Harris, the vice-president, won Person of the Year jointly in 2020 after they were elected.
In 2019, the accolade was claimed by climate activist Greta Thunberg, who was just 16 at the time.
Mr Trump won the award after he claimed the White House in 2016.