Banks, a World Cup victor with England in 1966, "passed away peacefully overnight" aged 81, his family said in a statement on Tuesday morning.
Marcelo Bielsa has joined the tributes being made to Gordon Banks, saying the World Cup-winning goalkeeper was part of "the glory of English football".
He is perhaps best remembered for pulling off a seemingly impossible save to keep out Pele when England played Brazil in the 1970 World Cup tournament.
Banks made 510 league appearances for Chesterfield, Leicester and Stoke and won 73 senior worldwide caps.
"I had the privilege of becoming good friends with him over the years because we are from the same era and he was an opponent of mine on many occasions".
'We would ask that the privacy of the family is respected at this time'.
And both the final triumph and Banks' individual heroics against Brazil were referenced by many fellow sporting icons as they reflected on his life on Tuesday, with Charlton still unable to comprehend the Pele save.
"Even though I was on the pitch and have seen it many times since, I still don't know how he saved that header from Pele".
"It is with great sadness that we announce that Gordon passed away peacefully overnight", the statement on Twitter said.
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In an effusive eulogy, Pele conceded he was glad Banks made the remarkable stop, hailed as one of the greatest saves of all time, because it led to an enduring...
Rest in peace, Gordon Banks.
"It was particularly special to be with him at a Football Writers" tribute dinner previous year and wish him well on his 80th birthday.
Another England Peter Shilton, who has admitted Banks was one of his main inspirations, has also tweeted: "I'm devastated - today I've lost my hero our condolences to his family rip Gordon".
He added that Banks was an England "legend" and his legacy would live on.
FIFA President Gianni Infantino paid tribute to the England legend.
"When we had training sessions (in Mexico), I noticed that when the ball was dropping in front of me, it was kicking up, not staying low like it did in England", Banks said in an interview on the Football Writers' Association website in January 2018.
"I can't speak about other eras, but he must be one of, if not the, greatest goalkeeper of all time".