As all languages must, English evolves with the times and the preferences of native speakers. It used to be considered more "proper" to say, "I would like to ask a favour of you". But nowadays, it seems more natural (makes one sound more like a native speaker) to say, "I would like to ask you a favour" or "I would like to ask you for a favour". So, yes, both are considered correct in everyday (informal) communication.
In formal writing however, it is still best to say, "I would like to ask a favour of you". Oh, and in US English, the "u" in "favour" is dropped. :)