Manafort was convicted in August of five counts of filing false income tax returns, two counts of bank fraud and one count of failing to report a foreign bank account.
A jury previous year convicted Manafort on eight counts, concluding that he hid from the Internal Revenue Service millions of dollars he earned from his work in Ukraine.
In their sentencing memo last month, Mueller's office recommended a term of 19.5 years to 24.5 years in prison for the "millions of dollars involved in the defendant's crimes, the duration of his criminal conduct, or the sophistication of his schemes".
Defense lawyers have asked Ellis to sentence Manafort to between 4-1/4 and 5-1/4 years in prison.
Manafort, 69, spoke to the judge while seated in a wheelchair.
Ellis said the 47-month sentence was more in line with others who had been convicted on similar crimes. Federal prosecutors say Manafort "blames everyone" but himself for his crimes and shows no remorse for his actions. He says that "saying I feel humiliated and ashamed would be a gross understatement". "My life is professionally and financially in shambles".
Former Trump campaign manager Paul Manafort arrives for a hearing at the E. Barrett Prettyman US Courthouse on 23 May 2018 in Washington, DC. Ellis dismissed efforts by Manafort's defense team to justify a lesser sentence.More news: Over 1000 live turtles seized by customs officials in the Philippines
Mueller's team issued a scathing rebuttal, stating that Manafort had breached a plea agreement reached with the government and lied repeatedly to the Federal Bureau of Investigation and the Special Counsel's office. Those proceedings revealed that prosecutors were highly interested in Manafort's 2016 interactions with an associate in his Ukraine dealings who has been linked to a Russian intel agency. Jackson's ruling could have an impact on the severity of his sentence in both cases.
Judge: He said that Manafort has been a "generous person" who has "lived an otherwise blameless life", but that Manafort's tax evasion was "a theft of money from everyone who pays taxes". However, in the proceedings in D.C. over the breach of his plea deal, there have been hints at what in Manafort Mueller's team see as being at the "heart" of their probe.
Along with Donald Trump Jr and the President's son-in-law Jared Kushner, Manafort was part of a meeting with Russian lawyer Natalia Veselnitskaya in June 2016.
Mueller's charges led to the stunning downfall of Manafort, a prominent figure in Republican Party circles for decades who also worked as a consultant to such global figures as former Angolan rebel leader Jonas Savimbi, former Philippine President Ferdinand Marcos and Yanukovych.
Manafort served as Mr Trump's campaign chairman from March to August of 2016, before being replaced by Steve Bannon and Kellyanne Conway.
Prosecutors also believe Manafort still poses a risk of recidivism, noting that he lied to the government and the grand jury as recently as past year.
Manafort's attorneys, meanwhile, tried to get him a lighter sentence, citing their client's age and failing health.
Ellis had faced criticism by some in the legal community for comments he made during the trial that were widely interpreted as biased against the prosecution.