LONDON (REUTERS) - Claudio Ranieri was named the League Managers' Association (LMA) manager of the year on Monday after leading 5,000-1 outsiders Leicester City to an improbable Premier League title.

The 64-year-old is only the second non-British or Irish manager to win the accolade after Frenchman Arsene Wenger won it with Arsenal in 2002 and 2004.

The award capped a day of celebration for the Italian as he joined the players in a victory parade on an open-top bus through the streets of Leicester in front of about 250,000 ecstatic fans.

Under Ranieri's guidance, Leicester won their first ever top flight title.