The club received the honour from the International Federation of Football History and Statistics (IFFHS) and will accept the award at the 2010 World Football Gala in London on February 1.

South Melbourne FC President Leo Athanasakis will travel to London to accept the award on behalf of the Club.

A jubilant Athanasakis told au.fourfourtwo.com that he was thrilled with the accolade.

"It's quite amazing to think we'll be up there with Real Madrid and also Al Hilal of Saudi Arabia," he said. "What an achievement for this club and those who've worked so hard over the years. 

"I hope this boosts our membership drive [www.smfc.com.au/membership] for the 2010 season under new coach and Kiwi legend Vaughan Coveny.

"Now our old and new fans can say they support the greatest team in Oceania."

The part-time club, currently playing in the Victorian Premier League, is a former NSL and Australian football giant. During the last century, South Melbourne FC hauled in a number of titles, including the Oceania Confederation Club Championship which resulted in South qualifying for the 2000 World Club Championships in Rio de Janeiro.

The draw saw reigning EPL and European champions Manchester United, Brazil's Vasco da Gama and Necaxa of Mexico lined up to play the NSL side.

Under the guidance of current Brisbane Roar coach Ange Postecoglou, South lost to United and Vasco but striker John Anastasiadis bagged South's first goal of the tournament when they went down 3-1 to the Mexicans.

In a rich history, South also won four national titles, seven state championships and two NSL Cups.

The IFFHS voting system awarded South Melbourne 10650 points. In second place were Sydney City (5300) and third were Marconi Stallions on 4825.

Wollongong City FC were fourth on 4600 and the only non-Australian club in the top five was University-Mount Wellington AFC of New Zealand (4125).

The clubs of the century in their respective Confederations are:

Europe - Real Madrid CF (Spain)

South America - CA Penarol Montevideo (Uruguay)

Africa- Asante Kotoko FC Kumasi (Ghana)

Asia - Al-Hilal FC Riyadh (Saudi Arabia)

Central and North America - CD Saprissa San Juan de Tibas San Jose (Costa Rica)

Oceania - South Melbourne FC (Australia)