Varane was named on the 30-man shortlist for the prestigious prize in October, but it is the likes of Luka Modric, Cristiano Ronaldo and Antoine Griezmann who are favourites to win.
"There is only one player that has won the Champions League and the World Cup and he is called Varane," Platini pointed out in quotes published by Marca.
"He is an excellent player, very good. I would vote for him, results are the only objective thing and everything else is subjective. You can have your opinion of Griezmann, Mbappe, Giroud, Lloris, Modric...but the only player to have won everything is Raphael Varane.
"Let's not forget that in 2006 it was a defender, Fabio Cannavaro that won the Ballon d'Or."
Cannavaro was Italy's World Cup winning captain the year he won and still remains the last defender to be honoured with world football's top individual prize.
In total there are eight of Real Madrid's Champions League winning team on the Ballon d'Or shortlist, including Sergio Ramos, Isco and Marcelo. Meanwhile, there are six players who won the World Cup with France.
Varane is the only one with a foot in both camps and a hand on both trophies.