The 64-year-old is only the second non-British or Irish manager to win the accolade after Frenchman Arsene Wenger won it with Arsenal in 2002 and 2004.
The award capped a day of celebration for the Italian as he joined the players in a victory parade on an open-top bus through the streets of Leicester in front of about 250,000 ecstatic fans.
Under Ranieri's guidance, Leicester won their first ever top flight title.
(Reporting by Pritha Sarkar, editing by Peter Rutherford)
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