In a career of incredible highs, one of his most iconic moments was his acrobatic save from a Pele header at the 1970 World Cup finals in Mexico, which has gone down in history as one of the greatest moments in football.
"It is with great sadness that we announce that Gordon passed away peacefully overnight", the statement was quoted, as saying by BBC Football.
'We are devastated to lose him but we have so many happy memories and could not have been more proud of him.
No cause of death was given. "The ball actually hit the top of my hand and looked as though it was going into the top of the net".
"I thought that was a goal", declared Pele, as he congratulated Banks, who replied: "You and me both".
The England team Twitter account on Tuesday posted a video of what is often called the "save of the century".
"An all-time great for England, I was privileged enough to be in his company on a number of occasions".
"A World Cup victor, a legend".
In December, Banks took on the role of "FIFA Legend" to take part in the Russian Federation 2018 World Cup Final Draw in Moscow. RIP Gordon Banks. @England legend, your legacy will live on.
Banks, whose club playing career revolved largely around Stoke and Leicester City, is the latest of the 1966 team to pass away.
Banks started his career at Chesterfield and went on to make 510 league appearances during his career, winning 73 caps for England - with the highlight coming in 1966.
Following his retirement, he briefly managed Telford United between 1979 and 1980 and, in 2015, was revealed to be undergoing treatment for kidney cancer.
A League Cup victor with both the Foxes (1964) and the Potters (1972), Banks was the FWA Footballer of the Year in 1972, while also being named in FIFA's World Cup All-Star Team in 1966, after playing a key role in the Three Lions success on home soil.