Vardy who is credited with guiding the Foxes to a historical Premier League title this season was awarded by the majority of the 290 football journalists to beat team-mates Riyad Mahrez and N’Golo Kante.
Mahrez was last month named Professional Footballers’ Association Player of the Year.
Among Vardy’s notable achievements this season include the fact that he has so far netted 22 times in the Premier League and with two matches to go, he remains in line to emerge the Golden Boot winner.
This is the second time that the two awards are going to players from the same club. In 2004-2005 season, John Terry won the Professional Footballer’s Association award while Frank Lampard bagged the Football Writers Association Award.