Hood scored 123 goals in 310 games for Celtic from 1969 to 1976 after moving from Clyde, where he played either side of a spell at Sunderland.
The forward won six league titles, four Scottish Cups and two League Cup winners' medals and was top scorer for Celtic in the 1970-71 season with 33 goals.
He went on to play for San Antonio Thunder, Motherwell and Queen of the South before focusing on his business career.
Hood founded the Lisini Pub company in 1969, with the family firm's portfolio currently including a number of hotels and pubs in Lanarkshire including Dalziel Park Hotel in Motherwell and Angels Hotel in Uddingston.
A Celtic statement read: "Celtic were blessed with exceptional, world-class strikers at that time, having won the European Cup two years previously, but Harry Hood offered something different to the rest. He had skill, poise and a touch of real class.
"When given a chance in front of goal, he rarely panicked. The supporters loved him and were happy to immortalise another hero in a varied repertoire of songs.
"Hood deserves his place in Celtic folklore. He wasn't a Lisbon Lion or a Quality Street Kid, but he fitted in perfectly at Celtic.
"He had the X-Factor that helped the team win games and in many ways he was the classic Celtic player. His record of 123 goals and 12 major honours stands comparison with the greats.
"The thoughts and prayers of everyone at Celtic are with Harry's family and friends at this extremely sad time."