Chelsea bowed out in the quarter-finals after losing to Paris Saint-Germain but Ivanovic made enough of an impression in those games to be named in the squad alongside fellow-defenders Gerard Pique, Javier Mascherano, Giorgio Chiellini and Jordi Albaa.
Barcelona players made up the bulk of the squad with 10 players selected, including the unstoppable attacking trio of Lonel Messi, Neymar and Luis Suarez – after winning the final in Berlin last Saturday.
Runners-up Juventus, beaten 3-1 by the Catalan giants, have five players in the squad, including veteran goalkeeper and captain Gianluigi Buffon.
Cristiano Ronaldo, who scored 10 goals in Real Madrid’s campaign, was named amongst the forwards,
The 18-man squad was selected by UEFA technical observers.
UEFA Champions League squad of the season
Goalkeepers: Marc-Andre ter Stegen (Barcelona), Gianluigi Buffon (Juventus)
Defenders: Branislav Ivanovic (Chelsea), Gerard Pique (Barcelona), Javier Mascherano (Barcelona), Giorgio Chiellini (Juventus), Jordi Alba (Barcelona)
Midfielders: Ivan Rakitic (Barcelona), Sergio Busquets (Barcelona), Andres Iniesta (Barcelona), Claudio Marchisio (Juventus), Toni Kroos (Real Madrid), Andrea Pirlo (Juventus)
Forwards: Luis Suarez (Barcelona), Alvaro Morata (Juventus), Neymar (Barcelona), Cristiano Ronaldo (Real Madrid), Lionel Messi (Barcelona)