The former Spain coach, who led the side to Euro 2008 glory, passed away early on Saturday morning after a battle with serious illness
Aragones had been in hospital after being taken ill and passed away at approximately 06:00CET on Saturday, Dr Guillen confirmed Radio Nacional.
Aragones was in charge of the victorious Spain side at Euro 2008, having previously coached a host of major clubs in Spain, most notably Atletico Madrid on four occasions, as well as Barcelona and Valencia.
Nicknamed 'The Wise Man from Hortaleza' during his coaching career, Aragones also played more than 370 games for Atletico, winning three La Liga titles from 1966 to 1973 and lifting the Pichichi prize for top scorer in 1969-70. He also earned 11 caps for Spain.
Most recently, he was Fenerbahce boss for the 2008-09 season, reaching the Turkish Cup final.
He went on to lift a total of nine titles as a coach with Barca and Atletico, as well as his European Championship victory with Spain in 2008.