The former Preston boss, who moved to Goodison Park in March 2002, has guided Everton into the inaugural Europa League next season despite a relatively limited transfer budget.
"Since joining Everton, David has not only transformed the club's fortunes, he has also created a huge fan base, including many of his fellow managers," said LMA chairman Howard Wilkinson.
"With only modest financial backing he has shown what can be achieved through discipline, dedication and an innate ability to get the best out of every player."
Ferguson, unable to attend the ceremony in Nottingham as he prepares for the Champions League final against Barcelona in Rome, was also named as the Barclays Premier League manager of the year.
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