The South African starred for the Light Blues over a decade in the post-war period.
After leaving his home in Pretoria to sign for Bill Struth in 1949, he went on to lift three league titles and the 1953 Scottish Cup during his Ibrox stay.
He was dubbed the ‘Penalty King’ on account of his lethal conversion rate from 12 yards, tucking home 65 out of 68 spot-kicks, including a run of 22 successful penalties.
In total he made 238 appearances for Gers, netting 106 goals, and he remains the only foreign-born Rangers player to net an Old Firm hat-trick following his 1955 treble against Celtic.
He remained a regular visitor to Ibrox after his playing days and Rangers chairman Dave King admitted Hubbard will be sorely missed.
He said in a statement: “Everyone at Rangers sends their heartfelt condolences to the family and friends of Johnny Hubbard after the former Light Blues winger passed away peacefully today at the age of 87.
“All of us at Rangers are deeply saddened by the news that Mr Hubbard has passed away. He was an inspirational player for Rangers and was also one of our most passionate supporters.
“Mr Hubbard wasn’t just a great Ranger, he was also a wonderful person. He was a gentleman and will be missed terribly by everyone connected with our club.
“Our thoughts and our sympathies go to Mr Hubbard’s family but perhaps they may take some comfort in knowing he is a genuine Rangers legend.”