Banks was FIFA's goalkeeper of the year on six separate occasions, and was even named FWA Footballer of the Year in 1972.
He was considered one of the finest-ever goalkeepers and, alongside his heroics in 1966, he will be remembered for the iconic save he produced against Brazil's Pele in the tournament four years later.
"It is with great sadness that we announce that Gordon passed away peacefully overnight", his family said, BBC Sport reported.
'We are devastated to lose him but we have so many happy memories and could not have been more proud of him'.
We, at Soccer Laduma, send our condolences to the family and friends of Gordon Banks.
Tributes for Banks, the FWA Footballer of the Year in 1972 and a member of the Federation Internationale de Football Association 100 in 2004, have poured in across the game.
The Moment Cardi B's Daughter Kulture First Said 'Mama,' After Grammy Win
She went on to talk about being nominated previous year for "Bodak Yellow", but she didn't win any awards for the song. We know you're pregnant. "I wanna thank my daughter ", Cardi said during her speech.
Rest in peace, Gordon Banks.
Banks started his career at Chesterfield, before joining Leicester in 1959 for £7,000, and it was at the Foxes that he established himself as England's number one, earning his first worldwide cap in 1963 against Scotland.
This accident cost him his sight in his right eye, as well his professional career at the age of 34.
In eight years at Leicester, he was runner-up in two FA Cup finals and won the League Cup in 1964, before joining Stoke in 1967.
"A gentleman and a football legend RIP".
Banks's World Cup-winning team-mate Sir Bobby Charlton added: "Lady Norma and I are deeply saddened to hear of the passing of Gordon Banks". Thinking especially of Ursula, Julia, Wendy and Robert. Obviously we shared 1966 but it was more than that. "All my thoughts with the family".
Fellow ex-England global Ray Parlour, meanwhile, hailed his save against Pele as the "best ever": 'More sad news in the football world.