Taylor enjoyed successful spells in charge of Watford and Aston Villa, both of whom he led to second-place finishes in the English top-flight.
Those exploits landed him the England job, succeeding Bobby Robson after the national team's run to the semi-finals of the 1990 World Cup.
Unfortunately, Taylor was unable to replicate that success as England bowed out at the group stages of the 1992 European Championship and failed to qualify for the 1994 World Cup, prompting his resignation.
The former Grimsby Town and Lincoln City player returned to club management with Wolves and took in second spells with Watford and Aston Villa, leaving the latter in 2003 and maintaining his involvement in football through a successful career as a pundit.
A family statement said: "With the greatest sadness, we have to announce that Graham passed away at his home early this morning of a suspected heart attack. The family are devastated by this sudden and totally unexpected loss."