Kohli will become the third Indian cricketer after legendary Sachin Tendulkar (1997) and the talismanic former captain Mahendra Singh Dhoni (2007) once the sports ministry officially accepts the committee's recommendation.
"Yes, Virat Kohli and Mirabai Chanu's names have been recommended by the awards committee," a top source told PTI on condition of anonymity.
It is learnt that India's top male shuttler Kidambi Srikanth was in contention for his good show in the Super Series Circuit last year but lost out to the 24-year-old Chanu, who is the reigning world champion in the 48kg category with a world record to boot.
Kohli, the world's No.1 Test batsman as per the ICC rankings, has been in stupendous form for the past three years and missed out despite nominations in the years 2016 and 2017.
The 29-year-old currently has 6147 runs in 71 Tests with 23 centuries and 9779 runs in 211 ODIs, including 35 tons.
With a combined 58 tons in international cricket, he is only second to Sachin Tendulkar (100) in the list of century-scorers in international cricket.
The BCCI has been nominating Kohli for the Khel Ratna for the past three years but in 2016, it was given to Sakshi Malik, PV Sindhu and Deepa Karmakar for their good show at the Rio Olympic Games.
Last year, the Khel Ratna was awarded to former India hockey captain Sardar Singh and para-athlete Devendra Jhajharia.
Kohli is one of those rare sportspersons, who has received Padma Shri award (2017) before Khel Ratna.
This year, Kohli was a favourite after having led India to victories against England and Australia at home and away wins against West Indies and Sri Lanka.
The Indian team has also won limited-overs series in South Africa under Kohli's leadership.
He is a member of the 2011 ICC World Cup and the 2013 ICC Champions Trophy winning team. He also led the team to the finals of the 2017 ICC Champions Trophy.
Kohli has also been the recipient of ICC's 'ODI Cricketer of the Year' in 2012 and 2017 along with the sport's highest honour -- the ICC Cricketer of the Year. Kohli has won the Indian Cricketer of the Year on five occasions.
He ended the recent England series with a phenomenal 593 runs even though it was not considered in the selection cycle.
For Chanu, the award comes as a massive morale-booster as she is currently recovering from a lower back injury, which forced her to skip the Asian Games in Jakarta.
She is the current Commonwealth Games gold-medallist and India's only medal hope in weightlifting going into the 2020 Tokyo Olympics.