A 20-strong group of emerging stars will be whittled down to six by a panel of rugby experts: Martin Bayfield (ITV), Ieuan Evans (Sky), Gywn Jones (S4C) and Gavin Mairs (Telegraph).
The player with the highest number of nominations will receive a Tag Heuer watch plus £1,000 donated to a local grassroots club of their choice and of course, the inaugural LV= Cup Breakthrough Player trophy.
As Wales head coach Warren Gatland comments, there are many worthy potential winners of the inaugural trophy with the LV= Cup competition providing an excellent breeding ground for academy players to experience first team action.
"The Anglo-Welsh cup is an exciting competition which continues to allow for the development of many young talented players in Wales and I'm sure that many of them will be in contention for this new award from LV= in the seasons ahead," he said.
The 20 shortlist*, selected by Paul Morgan, now Head of Communications at Premiership Rugby, includes at least one player from all 16 LV= Cup clubs.
"This list shows the depth of talent in both England and Wales and some of the players who have made a breakthrough in the 2011-12 season," commented Morgan.
LV='s Head of Sponsorship Claire Jeromson also commented: "The 2011-12 LV= Cup has delivered some outstanding matches and we are thrilled to be launching an award that will identify some of the stand out players that have played a huge role in the success of this year's competition."
The LV= Cup is credited for playing a crucial role in the development of elite players and the introduction of the LV= Breakthrough Player Award aims to recognise and celebrate this talent.
Voting begins on Monday 6 February via LV.com/rugby, and closes at midnight on Sunday 11 March. The winner will be announced on Tuesday 13 March.
*LV= Cup Breakthrough Player 20 shortlist:
Bath Rugby - Olly Woodburn & Tom Heathcote
Saracens - Jamie George
London Wasps - Elliot Daly
Ospreys - Matthew Morgan
London Irish - Jonathan Joseph & Steve Shingler
Leicester Tigers - George Ford & Sam Harrison
Cardiff Blues - Dan Fish
Sale Sharks - Rob Miller
Scarlets - Adam Warren & Liam Williams
Harlequins - Luke Wallace
Newcastle Falcons - Joel Hodgson
Gloucester Rugby - Jonny May
Northampton Saints - Jamie Elliott
Exeter Chiefs - Dave Ewers
Newport Gwent-Dragons - Steffan Jones
Worcester Warriors - Matt Kvesic