The Sport Australia Hall of Famer is regarded as one of the most important figures in Australian football history.

Born in Mostar in Bosnia and Herzegovina, Rasic played for many clubs in former Yugoslavia and arrived in Australia in 1962.

He was appointed as Australian coach at the age of 34 and guided the Socceroos in a successful World Cup qualifying campaign in 1973.

Australia lost three of their games and drew one at the 1974 FIFA World Cup.

"Today, we mourn the passing of a giant of Australian football in Rale Rasic," Football Australia chairman Chris said Nikou.

"His dedication to representing Australia and his remarkable achievements as a player, coach, and administrator will forever be etched in our nation's football history.

"Rale's influence extended beyond the game, shaping the careers of numerous players, and leaving an indelible mark on the sport he loved."

Current head coach Graham Arnold said Rasic's passing is "devastating" and credited him for changing the game in Australia.  

"Rale changed the game in Australia in 1974, qualifying Australia for the first World Cup ever," Arnold said.

"The amount of passion and love that Rale had for football has never drifted too far away from myself and he has been a great inspiration for me over the years.

"I never had the privilege of playing underneath him, but I have no doubt there are a lot of guys that played under him that would be devastated today to hear this news."

In 2001, Rasic was awarded the Australian Sports Medal and the Centenary Medal.

Three years later, the former player, coach and administrator received the Medal of the Order of Australia.