"It has been a tremendous start to the season for Watford.
Chairman of the Coca-Cola panel, Chris Kamara, told Sky Sports: "Aidy Boothroyd and his players began preparing for this season's campaign at the back end of last season after resigning themselves to relegation from the Premiership.
"All the hard work they put in over the close season has really started to pay off and they are now playing some terrific attacking football. If the Hornets can keep up this winning form they are sure to be strong favourites to land the Championship title."
Boothroyd beat off competition from Bristol City's Gary Johnson, Plymouth's Ian Holloway and Ipswich's Jim Magilton to bag the award.