"In the words of Bill Shankly, a ‘colossus’ in club history, (Yeats) died having sadly suffered with Alzheimer’s in recent years," a statement by Liverpool read.
The Scot signed for the Reds from Dundee United in 1961 and was one of the Merseyside club's most important figures during a transformative time.
“The man is a mountain! Go into the dressing room and walk around him,” Shankly told the media when Yeats was unveiled that summer.
The towering defender would immediately become Liverpool's new captain.
Yeats would remain with Liverpool for a decade, winning two First Division titles and an FA Cup after aiding the club to promotion from the second tier.
He left the Reds in 1971, at the age of 34, to sign for local side Tranmere Rovers, on the other side of the River Mersey, where he would spend three years.
Yeats represented his country between 1964 and 1966, but would only make two senior appearances for Scotland.