"The club are saddened to learn of the passing of ... Ron Noades," Palace said on their website on Tuesday.
"Ron was diagnosed with lung cancer just over a year ago and received chemotherapy, brain radiotherapy and radiotherapy."
Noades, who also had spells as chairman of Wimbledon and Brentford, was in charge of Palace from 1981-98.
The club finished third in the top flight in 1991 and lost the 1990 FA Cup final to Manchester United at Wembley.
Image: Ron Noades
Photograph: Allsport UK/Getty Images
Boxing Day Test: Cook wants England to come out fighting
BEST Sports Photos of the Year: Part I
Boxing 2013: Officials trade punches as boxers slide
It has been a horrible year for me, admits Vishy Anand
The Six who scintillated on the Tour