He was chosen by a WRU High Performance panel for the award and follows on from fellow Premiership high-flyers Aled Bevan (Neath), Tom James (Cardiff) and John Bowd (Ebbw Vale) to receive the accolade so far this season.
The player, who has impressed the Scarlets coaching set-up through his Premiership performances, gained a regional call-up for the Scarlets game against Edinburgh last weekend and has a starting berth for their crunch Heineken Cup clash on Saturday against Ulster.
Stoddart will receive £100 in a Principality savings account from the Principality Building Society.
Llanelli coach Kevin George said, "Morgan thoroughly deserves his call-up to play for the Scarlets, so much so that I would be delighted if we didn't see him again in our squad this season!
"I'm sure Morgan will continue to have a role with us this season because of the rotation system in place within the region, but there is no doubt that with his robust, running rugby, and once he has benefited from being in the professional environment, the Scarlets coaches will see the advantage of having him in their squad."
Rhian Davis, manager of the Llanelli branch of Principality Building Society said, "Congratulations to Morgan on winning this award and to the team for their fantastic run of results towards the end of last year. I wish them well for the rest of the season.
"Principality Building Society prides itself on being at the heart of the local community, much in the same way as rugby clubs, up and down the country. That's why the partnership between Principality Building Society and the Rugby Premiership is so successful and we're delighted to be able to support our local heroes in this way."
Morgan Stoddart factfile
Born - 23/09/1984
Place of Birth - Pontypridd
Club - Llanelli
Position - Fullback
Player Admired - Chris Latham
Most Respected Sportsman - Michael Johnson
Nickname - Stodds
Biggest Rugby impact (who or what) - Watching Jonah Lomu in the Rugby World Cup in South Africa
Other sports played - Football and cricket
Occupation - Rugby player
Unusual fact - Played bowls for Wales