Banks, who famously only had one eye, played most of his career for Leicester City and Stoke City, as well as spells with Cleveland Stokers, Fort Lauderdale Strikers, and St Patrick's Athletic.
Widely regarded as England's best-ever goalkeeper, Banks played in the World Cup final at Wembley in 1966 and lifted the trophy.
During his global career, he won 73 caps and played in two World Cups, and between 1966 and 1971 he was named Fifa's Goalkeeper Of The Year for six consecutive years.
He made one of the game's great saves to prevent a Pelé goal in the 1970 World Cup, regarded as one of the best of all-time, but his career was ended in 1972 when a vehicle crash cost him his sight in one eye.
Apart from lifting the World Cup with England in 1966, Banks was most well-known for pulling off a wonder save following a Pele header in the 1970 tournament against eventual champions Brazil.
The news was announced in a statement from the Banks family on his former club Stoke City's official website.
We, at Soccer Laduma, send our condolences to the family and friends of Gordon Banks.
Other England players, past and present, also paid their respects on social media, as did celebrities.
Gary Lineker called Banks "an absolute hero of mine", while current star Raheem Sterling said his legacy "will live on".