The award, sponsored by Barclays, is voted for by the LMA members which includes all the managers from the top four professional leagues in English football.
Ferguson has earned the award as recognition for Manchester United’s excellent season winning the Barclays Premier League title, the 12th title of Ferguson's reign, as well as reaching the UEFA Champions League Final for the third time in four seasons.
This is in addition to reaching the semi-finals of the FA Cup and the quarter-finals of the Carling Cup.
The league triumph also set a record in English football as Manchester United achieved the 19th league title in the club’s history.
In addition to the LMA Manager of the Year, Fergsuon was also awarded the LMA Special Merit Award.
During the season, he set two very distinguished personal records by surpassing 2000 games in management and becoming the longest serving manager in Manchester United’s history.
Should they defeat Barcelona in the forthcoming Champions League Final, Ferguson would also equal Bob Paisley’s record of three titles with Liverpool in Europe’s most prestigious club tournament.
On receiving the awards, Ferguson said: “It is wonderful and a great honour to be acknowledged by your peers. I really do appreciate being named LMA Manager of the Year and being honoured with the LMA Special Merit Award.
"It’s been such a competitive Barclays Premier League this season and I’d like to congratulate all of the managers both in this league and throughout the divisions, on a job well done this season. The work the LMA are doing and the foresight they are showing is fantastic.
"We have to support the belief that we are doing the right things and the help that we can give to all facets of the game. We are getting more recognition now and quite rightly so because we have a great contribution to make.”
LMA Chairman, Howard Wilkinson, added: “Sir Alex is fully deserving of this recognition, once again he has demonstrated genius at critical moments this season.
"It’s not just his longevity in the game at one of the world’s biggest club’s which is remarkable, but his consistent delivery of success, in over 35 years in football management."
Richard Bevan, Chief Executive of the LMA, said: “Tonight is a celebration of this season’s managerial achievements across the top four leagues in the professional game. To receive votes from and to be acknowledged by your fellow members, peers and competitors is a great honour.
"What Sir Alex has achieved this season both personally and with Manchester United is extraordinary. At the LMA we are also extremely grateful for the amount of time and dedication he willingly provides to our association and our members.
“On behalf of the LMA, I wish Sir Alex and the Manchester United players the very best for this week’s UEFA Champions League Final at Wembley. It will be a tremendous feat if they can lift the trophy at the home of English football.
“I would also like to say a special thank you to all the members who have contributed to yet another fantastic season.”
The full list of awards presented by LMA President Fabio Capello, LMA Chairman Howard Wilkinson, and Gareth Southgate are as follows:
LMA Manager of the Year sponsored by Barclays: Sir Alex Ferguson CBE
LMA Special Merit Award sponsored by Barclays: Sir Alex Ferguson CBE
Barclays Premier League Manager of the Year: Sir Alex Ferguson CBE
Barclays Community Sports Award: Rabiyha Ahmed
LMA Service to Football Award sponsored by npower
