Australian Cameron Donald would have won the prize based on the 2008 race results
The Isle of Man TT races will feature a new points-based championship format to establish an overall winner for the 2009 event.
Points will be awarded to the first 15 riders in the five main races.
The rider with the highest total will be awarded the Joey Dunlop TT Champion Trophy and a cheque for £10,000.
On last year's results, Australian Cameron Donald would have won the prize ahead of lap record holder John McGuinness and Ireland's Ryan Farquhar.
The announcement was made at a TT presentation at the International Motorcycle and Scooter Show in Birmingham on Friday.
Prizes will also be awarded to the most successful sidecar crew and to manufacturers in both the solos and sidecars.
Isle of Man Tourism and Leisure Minister Martyn Quayle said: 'The idea behind these awards is to build the excitement of the TT throughout the week, with an overall leaderboard calculated after every race.'
'The award will also recognise the riders and manufacturers who have performed consistently throughout the week.'