While I think Edward Witten is a natural choice, being essentially the inventor of M-Theory and all, and the initiator of the “Second Superstring Revolution”.
Thing is, either Superstring/M-Theory is the TOE, or it’s a gigantic waste of time, and the jury is still very much out on that one. Same goes for Loop Quantum Gravity, Non-Commutative Geometry, Twistor-Theory, etc., etc., etc. There’s a whole crop of mighty minds out there getting some of the theoretical spotlight, but the theories are way, perhaps hopelessly, ahead of experimental confirmation. Therefore it’s hard to see what the likes of Witten will really contribute, in the long run, to our understanding of nature. It’s not enough to be clever; you also have to be right.
So I nominate some folks who have expanded our testable horizons:
Murray Gell-Mann and George Zweig, for the fundamentals of what has come to be called Quantum Chromodynamics (Zweig, tragically, was nearly run out of the profession for his theory about “Aces”, which he developed idependently from Gell-Mann’s quark theory, and was quite similar in its details; he gets little credit for the accomplishmet).
Alan Guth and Andrei Linde, for the invention and critical refinements of the theory of Cosmic Inflation, respectively. Basically, inflation put some of the finishing touches on the Hot Big Bang theory, and resolved nearly all of the seeming paradoxes that plagued the pre-Inflation Big Bang. Thus far Inflation has proven wildly sucessful at predicting cosmic observations, and it’s likely to rack up more successes in the near future.
I predict the next great living physicist(s) will not be working on a TOE like M-Theory, or some variant of quantum gravity, but will help us determine in a testable way where Inflation came from, and relate it to Dark Matter and Dark Energy.