The former Northern Ireland boss has led the Shrimps to within three points of the play-offs in just their second ever season in the Football League and, although chairman Peter McGuigan has set down a target of promotion to the third tier, McIlroy knows there is plenty of work still to do.
"League One is obviously an ambition and a target," he said. "We are only a young club - this is our second season as a Football League club.
"We still have to improve on the field and behind the scenes. The chairman is very ambitious and the main target is to get into the new stadium and go from there."