However, Modi has won the readers' poll, the magazine said on Twitter today.
TIME editors narrowed their list from 50 global leaders and CEOs to eight individuals whose names were announced today.
The finalists for the annual honour are: Alibaba group head Jack Ma, Ebola caregivers, Russian President Vladimir Putin, Apple CEO Tim Cook, Fergusan protesters, singer Taylor Swift, National Football League commissioner Roger Stokoe Goodell and Masoud Barzani -- the Kurdish politician who has led the Iraqi-Kurdistan region since 2005.
The TIME's editors will choose the Person of the Year and would announce on December 10.
Modi had been the front-runner in an online poll conducted by TIME in which it had asked its readers to vote for who according to them should win the 'Person of the Year' title.
TIME is yet to announce the winner of its online readers' poll. The annual honour, bestowed by the magazine since 1927, goes to the person who "most influenced the news" during the year "for better or worse."