The news has yet to be officially announced by the Russian Football Union.
Dutch trainer Advocaat took over Zenit, then a mid-table side, in the summer of July 2006. The following season he led the club to their first league title since the break-up of the Soviet Union.
The club then went on to win the UEFA Cup and the Super Cup this year. However, they struggled to find consistent form in the domestic league as the demands of European top flight soccer took their toll and finished fifth.
Advocaat, who has recently signed a year-long extension to his contract, will receive the award at a ceremony to mark the end of the season on December 16.
The trainer, who along with compatriot and national team coach Guus Hiddink has done much to turn around the fortunes of Russian soccer, is believed to currently earn around $4.5 million a year.
Zenit play their final match of 2008 against Real Madrid in Spain on Wednesday evening. The club has already lost all chance of making the tournament's play-off stages, but has secured third place and the right to defend its UEFA Cup crown come spring.