The former Iceland boss has already won himself a place in the hearts of the Notts faithful, who are stunned at how quickly he's turned around the fortunes of their club, after last season's 19th placed finish.
The 49-year-old has thus far lost just once in competitive action, at Watford in the Carling Cup. However, his team remain undefeated in the league.
The County boss has also impressed with his transfer dealings, with new-boys Kevin Pilkington, Brian O'Callaghan, Lewis McMahon and Andy White all making impressive starts to their Meadow Lane careers.
Thordarson beat off competition from Wycombe's John Gorman, Rochdale's Steve Parkin and Darlington's Dave Hodgson, whilst former Notts boss Neil Warnock, now at Sheffield United, scooped the award for the Championship.
He becomes the first Notts boss since Billy Dearden in 2002 to claim the award.
NCM would like to congratulate Gudjon on claiming this award. Keep up the good work, Thor!