The club confirmed the passing of the maverick, who has been president of Montpellier since 1974, on Thursday.
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Nicollin - a beloved and colourful character who was known as Loulou - is widely reported to have suffered a heart attack while celebrating his birthday at a restaurant.
“It is with great sadness that we learned of the passing of our President Louis Nicollin on Thursday 29 June,” Montpellier posted on Twitter.
French footballers including Andre-Pierre Gignac and Anthony Knockaert were among those to pay tribute to Nicollin, who memorably dyed his hair orange and blue after Montpellier won a shock Ligue 1 title in the 2011-12 season.
“My favourite president, how sad, my thoughts are with Laurent Nicollin and his family,” Gignac wrote on Twitter.
Knockaert posted: “How sad to learn of the death of a man like Loulou Nicollin … Life is cruel #RIP #LEGEND.”
