Ranieri had faced competition from
Portugal coach Fernando Santos and Real Madrid boss Zinedine Zidane, but he can now add another accolade to his collection after a remarkable 18 months at the King Power Stadium.
The Foxes have struggled in the defence of their crown, but they earned a place in the last 16 of the Champions League after recording 13 points from their first five games in the competition.
Santos had been named on the three- man shortlist after leading Portugal to glory at Euro 2016, while Real Madrid won the Champions League under Zidane
and are currently on a 39-match