"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