The 36-year-old edged out England midfielder James Milner and Spain's David Silva for the honour, the club said on their website on Monday.
Lampard's impact has vindicated the surprise move by City manager Manuel Pellegrini to offer him a six-month loan deal after he left Chelsea following 13 trophy-laden years to join New York City FC.
Lampard endeared himself to City fans with a dramatic late equaliser in the Premier League clash against his old club, struck against Sheffield Wednesday in the League Cup and showed his eye for goal again in City's 4-2 win at Hull City.
He is due to join City's affiliate club New York in January but there is already speculation that his stay in north-west England could be extended by a month.
"There has been a lot said about when the season starts, but the only thing that can decide my future is how well I am playing. They will be kicking me out in January if I don't play very well!" Lampard told the Daily Mail.
"I am just looking game to game and trying to play as well as I can."
(Reporting by Martyn Herman, editing by Ed Osmond)
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