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.
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(Reporting by Pritha Sarkar, editing by Peter Rutherford)
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