The in-form Brazilian frontman followed up his PFA Fans award by winning the coveted monthly gong, selected by a shortlist of footballing experts.
Bonatini scored in every Championship fixture during the month, and has now scored in six league games in succession, the first Wolves player in 30 years to achieve that feat.
Head Coach Nuno Espírito Santo said: “Leo has been in very good form and he is doing really well.
“We knew him well from before and we know his quality.
“I have read somewhere that a Wolves player hasn’t scored in this many games in a row for 30 years.
“That is credit to Leo but also to the team as well who create the chances for him to score.
“He is one of those players who are in a position where they need to score but, as well as the goals, he is also doing a really good job.
“He is about far more than the goals, it is the job he does for the team, and playing where he is he is the first defender that we have.”
Bonatini was quick to pass the credit for his awards on to his Wolves team-mates.
“I am very happy to be the player chosen for these two awards,” he said.
“But I am more happy that we are top of the league.
“We are doing well, and all my team mates have really helped me settle in.
“From the first day I arrived I have been so happy to be here.
“I want to dedicate this award to my team-mates and to the fans as well.
“Without my team mates nothing is possible.
“We are working hard every day trying to be better and improve our game.
“I am happy to help them as well and are very excited about what we can achieve.”
In terms of the recent scoring streak, not since Micky Holmes in the Fourth Division in early 1987 have Wolves had a player who has scored in six successive games, Holmes going on to make it seven.
“I didn’t know it had been so long since a Wolves player scored in that many games in a row,” said Bonatini.
“I just try and do my best, to help my team-mates and play for them as well.
“If I do that then I feel the goals will come.
“We need to keep working hard and if we do that we have a better chance of achieving our target at the end of the season.”
And the striker insists there will be no one getting carried away despite Wolves’ impressive first third of the Sky Bet Championship campaign.
“The coach has told us it is not difficult to arrive at the top of the table,” he explains.
“It is more difficult to keep going and to stay there.
“Every game will be hard but we will carry on trying to be the team at the top.
“We need to keep focused in our training every day and then, day by day, step by step, we keep going and hopefully at the end of the season we will arrive at our goal.
“We want to reach the Premier League but to have a chance of that we will all need to work hard."