The former left-winger played 600 games for Real between 1953 and 1971, scoring 182 goals, and is regarded as one of the greatest ever players in his position.
The 43-times capped Spain winger won 12 league titles with the club and between 1956 and 1966 became the only player to win the European Cup six times – a record that remains intact to this day.
He starred in the 1960 European Cup final at Hampden when a star-studded Madrid side beat Eintracht Frankfurt 7-3 in front of a record attendance of 127,621 in what is considered the greatest game of all time by many.
“Paco Gento truly represents all the values of Real Madrid and has been and will continue to be a reference for madridistas and for the sporting world,” read a statement on the club website.
“He will always be remembered by madridistas and all football fans as one of their greatest.
“Real Madrid would like to express its condolences and send its love and sympathy to his wife Mari Luz, to his sons Francisco and Julio, to his granddaughters Aitana and Candela and to all his relatives, team-mates and loved ones.”
Gento also represented his country in the 1962 and 1966 World Cups. He retired from playing in 1971 and later worked as a Real Madrid ambassador while also enjoying a brief managerial career, including at the helm of Granada.
He was appointed honorary Real president in 2014 following the death of his former team-mate Alfredo Di Stefano.