Dieng was honored by the leagues coaches who were not permitted to vote for their own players for the honor.
After a wrist injury early in the season, Dieng became a major force in the middle for the Cardinals in league play.
Dieng averages 10.3 points, 10.1 rebounds and 2.6 blocked shots a game on the season. He led the league in Big East games with 10.8 rebounds a game and was second with 2.8 blocked shots.
On Saturday, Dieng went through Senior Day festivities because coach Rick Pitino believes he will be a first-round pick. Pitino has said if he's projected in the first round that he expects Dieng to turn pro.
Syracuse's Michael Carter-Williams and Providence's Kadeem Batts were named co-Most Improved Players, while Marquette's Davante Gardner was the leagues Sixth Man Award.