Yeats made the switch to Liverpool from Dundee United in 1961 and proudly served as the captain of the team for a remarkable eight seasons. To this day, he remains one of the longest-serving captains in the history of the club, with only Steven Gerrard surpassing his record in terms of matches led.
Yeats won the Football League First Division twice with Liverpool and was their first FA Cup-winning captain when they lifted the trophy in 1965.
He died on Friday night, having suffered from Alzheimer's disease recently, Liverpool said.
"The thoughts of everyone at LFC are with Ron's wife, Ann, all of his family and his friends at this incredibly sad time," Liverpool said in a statement.