The 65-year-old Italian was sacked in February with the club in a relegation battle.
He will receive a Panchina d’Oro (Golden Bench) award next week.
Ranieri was named coach of the year at the BBC Sports Personality awards in December and also by Fifa in January.
The Italian FA, the FIGC, said: “During the ceremony a special Golden Bench will be given to Claudio Ranieri, the protagonist of the extraordinary journey by Leicester, with whom he won the Premier League.”
The event takes place at Italy’s national training centre Coverciano on Monday.
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