Steve Gerrard named Footballer of the Year
Giggs was named the Professional Footballers' Association (PFA) Player of the Year last month.
The FWA award, the oldest of its type in Europe, has been running since 1948 and Gerrard is the first Liverpool player to win it since John Barnes in 1990, the last time the Anfield club won the top-flight title.
Gerrard has scored 23 goals in all competitions for Liverpool this season, the best tally of his career with two Premier League matches remaining.
FWA chairman Steve Bates said: "Steven's performances this season have been of the highest quality. His drive and desire have underpinned Liverpool's Premier League title challenge and ensured a tight finish to the season.
"Steven is clearly in his prime and quite rightly rated one of the finest midfield players of his generation and the FWA are delighted to honour his contribution to club and country." He will receive his award at the FWA's gala dinner in London on May 29, the day before his 29th birthday.