The 20-year-old beat Demarai Gray and Ben Chilwell to the prize at the club's award ceremony on Monday.
Ndidi, since his move from Genk, has been in commanding form in the heart of Foxes’ midfield – capping it with two goals in the English Premier League.
Compared with Chelsea’s N’Golo Kante in terms of playing style, the Super Eagle is one of Craig Shakespeare’s regulars at King Power Stadium.
Moved by the accolade, he took to Twitter to express his gratitude.
''A special thanks to God and also to everyone that made this possible, so much love for you all,'' Ndidi tweeted.
AWARD WINNERS IN FULL
Player of the Year Season : Kasper Schmeichel
Players’ Player of the Season : Kasper Schmeichel
Goal of the Season: Danny Drinkwater vs. Liverpool
Performance of the Season: Leicester City 2 Sevilla 0
Young Player of the Season: Wilfred Ndidi
Development Squad Player of the Season : Harvey Barnes
Academy Player of the Season: Alex Pascanu