Nuno is the first Wolves manager to win the monthly prize and only the third Portuguese after fellow countrymen Jose Mourinho and Andre Villas-Boas.
After finishing August with an impressive 1-1 draw against reigning Premier League champions Manchester City, Wolves began September with a 1-0 away win against West Ham. That was then followed a week later by another 1-0 win, this time at home against Burnley.
Wolves came away from Old Trafford with a 1-1 draw against Manchester United on 22nd September, while a final 2-0 victory at home against Southampton saw the newly promoted club finish the month unbeaten and with 10 points from a possible 12.
With Premier League football currently paused for the international break, Wolves sit seventh in the table, two points ahead of Manchester United and a mere three points off the big top five, having also won their opening game of October against Crystal Palace last weekend.
"It reflects the hard work of everybody in the club. It represents the effort of everybody working here, everybody at Molineux, our fans, the players, everybody," Nuno told PremierLeague.com.
"There's no individual prizes in football, everything comes from the team."
The 44-year-old beat Pep Guardiola, Jurgen Klopp and Unai Emery to the award.
Wolves will face Watford and Brighton on 20th and 27th October respectively when domestic football resumes later this month.