Iheanacho was one of the shining lights for the Foxes in the just-concluded 2022-23 Premier League season.
Leicester City suffered relegation on the last day of the season, finishing 18th on the log.
Iheanacho scored five goals and recorded five assists for the Foxes in 35 Premier League appearances.
Leicester City announced on their website that the former Manchester City forward has been named their player of the season.
The 26-year-old started 13 games in all competitions and contributed 13 goals and assists.
Timothy Castagne picked up the Players’ player of the year award.
Kelechi Iheanacho’s International teammate, Wilfred Ndidi endured a frustrating season blighted with injuries.
The defensive midfielder made 27 Premier League appearances for Leicester City without a goal or assist all season.
Iheanacho and Ndidi are expected to leave Leicester City ahead of life in the EFL Championship.