Bonds played 799 times for West Ham and captained them to FA Cup triumphs in 1975 and 1980.
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Having been signed from Charlton Athletic for £47,000, Bonds spent 21 years as a player with the Hammers between 1967-1988 and also managed them from 1990 to 1994.
"We are heartbroken to announce that we lost our beloved dad today," said a family statement.
"He was devoted to his family and was the most kind, loyal, selfless, and loving person.
"Dad loved West Ham United and its wonderful supporters with all his heart and treasured every moment of his time at the club.
"He will always be in our hearts and eternally missed. We take comfort knowing that his legacy will live on forever."