The winger made over 400 appearances for Preston North End between 1946 and 1960, earning 70 England caps and scoring 30 goals for his country.
Preston North End confirmed the passing of the "greatest player to ever play" for the club on Friday night.
"Preston North End have been informed of the extremely sad news of the passing of Sir Tom Finney," a statement on the club's official website reads. "Sir Tom was the greatest player to ever play for Preston North End and one of the all time greats for England.
"The thoughts of everyone at the Club, and those connected with it, are with his family at this time."
Finney made over 400 appearances for Preston and earned 76 caps for England, scoring 30 goals and sitting joint-sixth on the all-time leading goalscorer's list.
The winger represented England at two World Cups, in 1954 and 1958.