One of the game's all-time greats, the England winger was nicknamed the Preston Plumber; he carried on working as a plumber to complete his apprenticeship, after breaking into the first team at Deepdale.
He played more than 400 league games for North End between 1946 and 1960 and won 76 caps for England, scoring 30 goals for his country.
There will be a minute's silence ahead of games up and down the country this weekend, including all eight FA Cup ties, and the players will be wearing black armbands at the Amex on Monday.
Finney played his entire career with Preston and his beloved club broke the news via a statement on their website:
"Preston North End have been informed of the extremely sad news of the passing of Sir Tom Finney. Sir Tom was the greatest player to ever play for Preston North End and one of the all-time greats for England."
Tributes have flowed for the England legend; BBC chief football correspondent Mike Ingham told BBC Radio 5 Live, "He was a slight figure but incredibly brave. Former Preston team-mate and Liverpool manager Bill Shankly considered him to be the greatest player to ever play the game."
Former England striker and Match of the Day presenter Gary Lineker tweeted, "Sir Tom Finney has left us. One of the greatest players this country has ever seen, and a true gentleman."
Albion club secretary, Derek Allan, who held a similar position at Preston North End before moving south, added: “I had the pleasure of knowing Sir Tom during my time working at Preston North End. Everyone he came into contact with had the utmost respect for him both as a player and a person. He was a football genius and a gentleman in every sense of the word. The world, and in particular Preston North End, has lost a true legend of the game.”