Called the PRCA Business Communicator of the Year Award, the gong will be presented at the body's annual conference on 9 May.
A shortlist of 50 CEOs will be selected based on a business briefing audit by Reuters and nominations from The Business readers.
Suggested nominees by The Business include Rod Eddington, the under-fire British Airways CEO, who has been on the receiving end of a raft of negative publicity in recent months surrounding job cuts.
Ryanair CEO Michael O'Leary is also being touted as a possible winner.
The final selection will be made by a panel of six judges, including Centrica European managing director Simon Lewis and ITN newsreader Andrew Harvey.