The prestigious award is voted for by readers but the editors of the magazine have the final say and other contenders include US President-elect Donald Trump, the outgoing US leader Barack Obama and Russian President Vladimir Putin.
For the fourth year in a row, Modi is among the contenders for Time's 'Person of the Year' honour, which the US publication bestows every year to the one 'who has most influenced the news and our world in the past year, for good or ill.'
In 2015 German Chancellor Angela Merkel was the winner.
While each year Time's editors make the ultimate decision as to who from among world leaders, presidents, protesters, astronauts, pop icons and technology disrupters should be person of the year, it also asks readers to cast their votes and decide who they think most shaped a particular year.
Time said the reader poll is an 'important window' into who they think most shaped 2016.
For a while Wikileaks founder Julian Assange had overtaken Trump for the lead in the online poll, getting 10 per cent of all the 'yes' votes cast by participants, Time had said.
However, Modi has so far got 21 per cent votes, way ahead of Putin's 6 per cent, Obama's 7 per cent and Trump's 6 per cent.
It remains to be seen if Modi will maintain his lead as votes polled may change by the time voting on the reader's choice poll ends on December 4
Time also analysed the moments from 2016 when this year's poll contenders were most talked about.
For Modi it was October 16, when the Indian leader had suggested during a summit of BRICS nations in Goa that Pakistan is the 'mothership' for terrorism.
Among the contenders this year are former secretary of state Hillary Clinton, FBI chief James Comey, Apple CEO Tim Cook, parents of slain Muslim-American soldier Humanyun Khan, Khizr and Ghazala Khan, North Korean leader Kim Jong Un, British Prime Minister Theresa May.
Time Person of the Year
2015 Angela Merkel
2014 Ebola Fighters
2013 Pope Francis
2012 Barack Obama (2)
2011 The Protester
2010 Mark Zuckerberg
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