Jurgen Klopp said it was 'special' to be inducted into the LMA Hall of Fame, as rival Pep Guardiola was also honoured.
The great rivals were presented with silver salvers by League Managers Association president Gareth Southgate and fellow Hall of Famer Sir Alex Ferguson at a ceremony in Manchester to commemorate their inductions.
Klopp and Guardiola's rivalry dates back to their days in the Bundesliga as managers of Borussia Dortmund and Bayern Munich respectively.
But it has been cranked up a notch since both bosses came to England, with Klopp's Liverpool and Guardiola's Manchester City the outstanding teams in the Premier League.
City were the only team to beat Liverpool in the league last season as Guardiola's side pipped the Reds to the title by a single point, as part of an unprecedented domestic treble following league and EFL Cup triumphs the season before.
Klopp also enjoyed trophy success last season with his Liverpool team winning the European Cup - and they are currently nine points clear of City at the top of the Premier League.
"This is really special," said Klopp on being inducted into the Hall of Fame, in quotes reported by the Daily Mail . "To be a part of this incredible group of managers is big.
"Tonight my family and coaches are here. I wanted them all to be here because it is very important in in our family history."
Guardiola said: "I do not have any words to express my gratitude. To be part of this family, it is an incredible honour to be a part of it, for the rest of my life and for generations, to be in this Hall of Fame in English football."
The Liverpool and City sides honed by Klopp and Guardiola were praised for their style of play by former Manchester United boss Ferguson, who said: "They are teams with courage.
"They play to win all the time, they play to attack all the time."
