McKenna was chosen ahead of Manchester City's Pep Guardiola and Arsenal's Mikel Arteta after guiding Ipswich to back-to-back promotions and into the Premier League.
"This award is one of the most humbling and proudest moments of my life," said McKenna, who was presented with the award by former Manchester United manager Sir Alex Ferguson.
Advertisement
Advertisement
"It's the best thing in the world and I've had good experience as a first-team coach, but to be a manager in the Premier League and go up against great managers is going to be a great challenge and something I can't wait for."
Ipswich have been promoted after finishing second in the Championship this season.