Aragones, who led Spain to glory at UEFA Euro 2008, died aged 75 at Madrid's Clinica Cemtro in the early hours of Saturday morning, local time.
As a player, Aragones won three La Liga titles with Atletico Madrid, and also led the capital club to one Spanish title and three Copa del Rey crowns as a coach.
The world of football has been quick to pay respect to Aragones follwing a career that spanned 52 years.
Among the first to pay tribute were members of Aragones' Euro 2008 winning side.
Fernando Torres: "RIP Luis Aragones. Thank you gaffer. I can’t say enough how much you did for me."
Andres Iniesta: "Thank you for everything you taught us, for everything you gave us. Farewell gaffer. RIP."
Iker Casillas: "RIP to one of the most influential people in my career. Thanks for everything, 'Gaffer'!!"
Sergio Ramos: "Today is a very sad day. The wise man, Luis Aragones, has passed away. I'll never forget your advice and your teachings. RIP Gaffer!!"
David Villa: "Today is a very sad day. One of the true greats has left us. Thank you for teaching me a lot of what I know. RIP Luis Aragones."
Xabi Alonso: "One of the greats has left us, it is a very sad day. His personality left an indelible mark on many people. RIP Don Luis Aragones."
Juan Mata: "He gave birth to the best Spanish football in history. Very sad news. He will always be remembered."
Current Spain coach Vicente del Bosque, who took over from Aragones before leading Spain to the 2010 FIFA World Cup crown and another European title, also expressed his sadness.
"I saw my messages at 7am," Del Bosque said. "I knew he had some health problems, but I never imagined it would lead to this.
"It is a sad day for Spanish football. We have lost a key man in the history of our sport."
FIFA president Sepp Blatter offered his condolences, he tweeted: "Rest In Peace Luis Aragones. Historic @Atleti (Atletico Madrid) coach @SeFutbol (Spain) champion of Euro 2008."
Meanwhile, Atletico coach Diego Simeone summed up the mood at the club, and midfielder Gabi praised Aragones for a remarkable career.
Simeone: "All Atleticos are hurting at the loss of such an important man for the club and football."
Gabi: "It has been an example to all at Atletico, Luis Aragones is a legend of this club."
