The on-loan midfielder was presented with his award by Blues legend, Graeme Sharp and Kitbag representative, Victoria Schofield at a lunch in Goodison's Dixie Dean Lounge on Thursday.
The 28-year-old received the accolade due to some fine performances since his arrival from MLS side LA Galaxy at the turn of the year.
The American international was delighted to be bestowed as the acknowlegdement comes from the Club's fans.
Donovan said: "It's a privilege to receive the recognition as it comes from the supporters."
The USA record goalscorer played five times in the month of January, scoring once and on his debut assisted Leon Osman's header at the Emirates.
After accepting his award, Donovan held a signing session at the Club store Everton One at Goodison.