Nuno has been given the gong after picking up 10 points from a possible 12 last month, beating Fulham, Leeds and Crystal Palace while drawing with Newcastle.
He got the nod ahead of Southampton’s Ralph Hasenhuttl, Jose Mourinho at Tottenham, West Ham United boss David Moyes and Villa’s Dean Smith.
Collecting the award alongside first-team performance analysts Ed Ames and John Boston, and head of performance and research Mat Pearson, the Portuguese said: "Thank you so much for the award.
"But like all the awards, it is for all the people involved.
"All the people behind the scenes are very important, so we appreciate it and we thank you.”
Nuno was the pick of supporters and a panel of football experts after his side conceded just once, against Newcastle, and kept clean sheets in their other three games.
"All the matches in October were very difficult. But what we were able to do during the month was to bounce back from our performances the previous month," said Nuno.
“We nearly did it against Newcastle until the final minutes, so it was not such a perfect month, but it was a very good month of performances.
“The three clean sheets were very good, and everything starts there.
"The defence played well, but all the team was very focused on our organisation and our shape, which enabled us to produce good things in the offensive areas; score goals and create a lot of chances.
“But we needed time together. After the pre-season and the quick turnaround we had due to the pandemic, we were able to put together some time during the month and really work the players hard on the training pitch."
He added: “We became more solid, more organised and we expect things to improve.”
Meanwhile, Wolves captain Conor Coady – who has had to pull out of England duty after coming into contact with someone who has tested positive for Covid-19 – missed out on the player of the month award to Spurs' Heung-min Son.