Walter Wilson Nana, AfricaNews reporter in Buea, Cameroon
The Cameroonian-born striker, who trades his football skills with Italian Serie A Club, Internazionale of Milan, was able to take the award for a fourth time, beating competition from Ghana's Asamoah Gyan and Ivory Coast international Didier Drogba.
The striker, 29, enjoyed little success with his country in 2010 but helped his club Inter Milan become European and Italian champions last season. Eto'o also won the prestigious award in 2003, 2004 and 2005 while playing in Spain, latterly with Barcelona.
The forward also scored one and created one in Inter's 3-0 win over Congolese side TP Mazembe to seal the Club World Cup final on Saturday. Eto'o's fourth African crown takes him past other three-time winners Abedi Pele and George Weah.
"It is a pleasure to be a winner again, to take it for the fourth time against such top opposition," he said after the ceremony in Cairo. "Africa now has so many good players and there is lots of talent coming up, so this might be a last chance for me," he added.
Eto'o was an integral part of Inter's success last term, scoring 16 goals during a highly successful campaign under then-coach Jose Mourinho.
However, his exploits with the Indomitable Lions were limited as they were knocked out early in both the Africa Cup of Nations in Angola and World Cup in South Africa.
In some quarters, that made him second favourite to Gyan, whose goals helped take Ghana to the World Cup quarter-finals, where they were eventually beaten on penalties by Uruguay.
He also helped Ghana reach the final of the African Nations Cup, where they lost out to Egypt.
Last week, Gyan was crowned BBC African Footballer of the Year for 2010.
The winner of Monday's award was decided by votes from national coaches of the continent's 53 countries affiliated to the Confederation of African Football, CAF.
Former Ghana boss Milovan Rajevac was named Coach of the Year, the Serbian seeing off competition from TP Mazembe's Lamine N'Diaye and Egypt's Hassan Shehata.
Ghana were also voted National Team of the Year ahead of Algeria and Egypt, while Udinese midfielder Kwadwo Asamoah was named Young Player of the Year ahead of Algeria's Ryad Boudebouz and Niger striker Moussa Maazou.
Veteran Egypt midfielder and Captain Ahmed Hassan, 35, won the award for the best Africa-based player.
The Nigerian Female National team won the Best Female Selection Award, while Nigeria’s Perpétua Nkwocha won the CAF 2010 award for the Best Female Player.
The Cameroonian-born striker, who trades his football skills with Italian Serie A Club, Internazionale of Milan, was able to take the award for a fourth time, beating competition from Ghana's Asamoah Gyan and Ivory Coast international Didier Drogba.
