A statement from the club said: "We send sincere condolences to Malcolm's partner, Angela, his daughter, Sandra and her husband, Mel, and all his family and friends."
"The flags at Molineux will be flying at half mast and Wolves players will be wearing black armbands for Saturday's game at Brentford."
He was suddenly taken ill and died yesterday afternoon in Russells Hall Hospital, Dudley.
Came to Molineux in 1956
Won League titles in 1958 and 1959, as part of the great team managed by Stan Cullis.
Goalkeeper when Wolves won the FA Cup in 1960.
Made 203 appearances for Wolves, and 200 for Millwall.
Became a director of R&F Steel Stockholders in later life
Was Wolves Vice-Chairman in the early eighties.[/breakout]
Wolves chief executive Jez Moxey said: "Everyone at the club was shocked and deeply saddened to learn of Malcolm's death.
"Not only was he a member of the Wolves Hall of Fame and a legendary former player, but he remained part of the fabric of the Club becoming Chairman, and then recently, President, of the Wolves Former Players Association, working tirelessly on behalf of former players for a number of years."
Finlayson was signed as cover for Bert Williams in 1956 and eventually replaced the England keeper a year later.
Signing for a bargain £4,000 from Millwall where he made 251 appearances, the tall Scot represented Wolves with distinction, winning back to back League titles in 1957-58 and 1958-59 and the FA Cup in 1960.
But the Dumbartonshire-born custodian was a victim of Scotland's home-based players only selection policy and so missed out on playing for his country.
Retiring as a player in May 1964, he became a wealthy businessman as director of R & F Stockholders of Kingswinford and was part of a consortium that saw him briefly take over as vice-chairman of Wolves in 1982.
He always retained his link with Wolves and was a long-serving chairman of the Wolves Former Players' Association before being replaced by Mike Bailey recently, but continued to be its president.