Ganguly, who retired from international cricket late last year after playing 113 Tests and 311 ODIs, was conferred the fellowship for his "unparalleled determination coupled with grit and talent".
"It is a huge honour. When I came to know about this a few months ago, I felt proud and I'm happy to be here," Ganguly said, after personally receiving the fellowship from Dharma Kovvuri, acting dean of UClan management faculty, on Wednesday, in Lancashire.
"I have a long-term association with Lancashire -- I had my first One-day International at Old Trafford 13 years ago and had a stint with Lancashire County Cricket Club," the 37-year-old cricketer was quoted as saying in the Lancashire Evening Post.
"The best thing I remember about Lancashire was in April 2000 when I turned up at 10 degree temperature. I was standing in the slips and couldn't take my hands out of my pockets as it was so cold. Luckily, Michael Atherton [ Images ] asked me to go at mid-on where I put some hand warmers in my pockets and kept myself warm," he added.
Ganguly said he would set up his own institution for children from pre-school to college in Kolkata [ Images ] and build links with UClan.
Praising Ganguly for his contribution to cricket, Dharma Kovvuri said, "It's a great honour for the university that we have been able to nominate Sourav and it's great he has accepted.
"He (Ganguly) has been a great ambassador for Indian cricket and, as we all know, he has been the most successful Indian cricket captain, and for him to accept the award from the university is a great honour for us."