Australian quintet Doug Bollinger, Michael Clarke, Ryan Harris, Mitchell Johnson and Shane Watson, plus Kumar Sangakkara of Sri Lanka and New Zealand's Daniel Vettori complete the line-up.
Seamer Harris had played just two Tests in the qualification period, while Swann's efforts included six five-wicket hauls in an innings and one 10-wicket performance in a match.
Lloyd, who chaired a five-man ICC panel to draw up the long list for Cricketer of the Year, said the failure to nominate Swann had been an honest mistake.
Lloyd, who was joined by ex-players Angus Fraser, Matthew Hayden and Ravi Shastri, plus former England coach Duncan Fletcher, explained: "It was a genuine oversight on the part of the committee as Graeme fully deserved to be nominated in this category.
"Graeme, during the voting period, produced some very strong performances which puts him alongside the other top performers. On behalf of the selection panel, I apologise for this oversight."
Fraser defended the original decision when he was questioned by former England captain Michael Vaughan during Phil Tufnell's Cricket Show on Radio 5 live, but admitted Swann was "unlucky".
The England spinner claimed his 100th Test wicket when he caught and bowled Pakistan's Mohammad Yousuf on day two of the third Test at The Oval, having earlier taken the scalps of Wahab Riaz and Salman Butt.
Swann has also been nominated for the Test Player of the Year award, along with team-mate James Anderson, while England trio Steven Finn, Tim Bresnan and Eoin Morgan are all in contention for the Emerging Player prize.
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