The former Furia Roja 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 at 05:00GMT on Saturday morning in a clinic in Madrid.
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 occasios, 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 lifted a total of nine titles as a coach with Barca and Atletico, as well as his European Championship victory with Spain in 2008.