The retiring 71-year-old becomes the first manager to win the award four times after a season in which he guided Manchester United to a record 20th league title
Ferguson, who retires this summer after 26 years in charge of Manchester United, becomes the first manager to win the prestigious award - voted for by fellow bosses - four times.
Receiving the award from West Ham manager Sam Allardyce at the LMA awards dinner on Monday evening, Ferguson joked that West Brom boss Steve Clarke should have been given the honour for scoring five times against his United side on Sunday.
"It was the perfect send-off," he remarked at the result. "5-5 - everyone will remember it, that's for sure."
Commenting on the reaction to his retirement, Ferguson added: "It's overwhelming. The club has been fantastic and congratulations to West Brom with the way they handled yesterday.
"In a way I'm glad it's over, because it's hard work!"
And asked when he thought United were going to win a record 20th league title, he jokingly replied: "August 17!"
Malky Mackay was named Championship Manager of the Year for overseeing Cardiff's first ever promotion to the Premier League.
Gary Johnson picked up the League One award for guiding Yeovil to victory in the play-off final against Brentford on Sunday, while Gillingham boss Martin Allen picked up the League Two award.