The former Northern Ireland boss took charge of the Shrimps in November 2005 after Jim Harvey fell ill and has overseen their rise from the Conference to currently being a stable League Two side.
And McGuigan is confident that his club will continue to prosper under McIlroy's careful guidance, with earning a place in League One a future goal.
"We have that ambition and Sammy McIlroy deserved a huge amount of credit because he has given us the belief and the confidence that we can progress," McGuigan told Morecambe's official website.
"He won manager of the month deservedly in February and for me he should be a candidate for manager of the season for what he has done here.
"He has done an outstanding job and he shares the belief that everyone else has in taking this club forward."