Torres scored five goals during the month - a double in a 3-2 win at West Ham United and a hat-trick in the 6-1 thrashing of Hull last week.
The Spaniard is currently the league's top goalscorer with eight this season and has scored 46 in 65 appearances in the competition since joining Liverpool in 2007.
Ferguson's award caps a perfect month after steering United back to the top of the table. The champions came from behind to beat Tottenham Hotspur, won a thrilling derby against Manchester City and saw off Stoke City.
It is the 24th time he has been named manager of the month.