"The three names have been finalised based on their performances of the past four years," BFI Secretary General Hemanta Kalita told PTI.
The Arjuna award carries a prize money of Rs 15 lakh.
The federation has also decided to nominate women's assistant coach Sandhya Gurung and national youth head coach Bhaskar Bhatt for the Dronacahrya award.
Last year, world championships bronze winning duo of Manish Kaushik and Lovlina Borgohain were bestowed with the Arjuna award.
Monday was the last date to file nominations for the National Sports Awards, given away every year on August 29 on the birth anniversary of hockey legend Major Dhyanchand.
Last year, 74 recipients were bestowed with the awards.
The prize money was also increased significantly with the Khel Ratna awardees receiving Rs 25 lakh, Dhronacharya (Lifetime) Rs 15 lakh, and Dhyanchand winners Rs 10 lakh.
The Sports Ministry had on May 20 invited applications for the National Sports Awards, allowing eligible athletes, coaches, universities and other entities to self-nominate and apply online for a second year running because of the COVID-19 pandemic.
Till 2019, applicants needed recommendations to be able to apply but the condition was waived off last year as the COVID-19 lockdown prevented smooth movement of people.