Coventry finished 11 points clear at the top of the Championship to clinch the title under Lampard who has been named the League Managers Association's manager of the year this week.
He also went on to collect the Sir Alex Ferguson Trophy for overall manager of the year in what was an incredible year for the former Chelsea midfielder who has honed his craft as a manager so far.
Ferguson, who received medical treatment before the Old Trafford clash with Liverpool earlier this month, was absent from the event as England manager Thomas Tuchel stepped in to present the award.
"It is of course not the same without Sir Alex himself and we wish him all the best and a speedy recovery so that he is hopefully with us next year on stage again. Until then I have the privilege to read this letter to you, Frank.
"Dear Frank, many congratulations on being named LMA manager of the year. You should be very proud of what you and your team have accomplished.
"Your personality as a manager and a leader is so clearly defined in how your team has played great football this season - with confidence and self-belief and I have enjoyed watching you.
"I know from speaking with you that you have great humility and that important quality of a curious mind for learning.
"I'm sure winning this award will mean a great deal to you, Frank, and I wish you the best of luck in the Premier League next season."
Ferguson, 84, was rushed to hospital in an ambulance prior to kick-off at Old Trafford as fans send him messages of support in what is a tough time for the legendary manager and his family.