Banks became known as one of the best goalkeepers in the world during his worldwide career and is remembered for making a remarkable save from Brazil's Pele at the 1970 World Cup in Mexico.
Another former Leicester and England legend Gary Lineker - albeit from a later generation - also tweeted his appreciation of Banks, whose sole trophies at club level were two League Cups, one piece with Stoke and Leicester.
Banks' family released a statement through his former club Stoke City on Tuesday, confirming the 81-year-old had "passed away peacefully overnight".
Tributes have poured in for the legendary keeper on social media, with many in shock at the news.
"As soon as I got my hand to it, I thought it was going in the top corner", he said. "We had some great goalkeepers in those days, and the only person I can think who came near was Pat Jennings".
The legend of English football Gordon Banks died at 81 years.
Federation Internationale de Football Association also praised Banks by using the clip from 1970, tweeting from its World Cup Twitter account. "Whenever we met it was like we had never been apart".
At the time, Banks could not realise just what significance those few seconds would go on to take, imprinted on the memory for all who witnessed his save and the generations since who have watched it on YouTube.
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Charlton, the driving force in the '66 team, led the praise, saying "I was proud to call him a team-mate". "Even though I was on the pitch I still don't know how he saved that header from Pele". And I couldn't believe what I saw.
"Very sad to hear the news that Gordon has died".
"On behalf of everyone connected with England, I send my condolences to his wife Ursula, his family and friends".
"Rest in peace, my friend".
Capped 73 times for England, Banks was a pivotal player in the 1966 World Cup triumph.
But he joked that the former Stoke goalkeeper, who won the League Cup in 1972, should have caught the ball when denying Pele.
He was named FIFA's goalkeeper of the year on six occasions and was part of the Three Lions team that won the 1966 World Cup.