Turner spent nine years at London Road as a player from 1969-1978, before going on to manage the club for a brief but successful spell in the early 1990s.
He went on to become owner and chairman of Posh until 1996, when he sold his interest to Barry Fry.
Turner also played for Luton, Cambridge, Swindon and Southend and enjoyed three separate spells in the USA.
He was most associated with Peterborough, though, and club historian Peter Lane has led the tributes.
“There are many legends in the history of Peterborough United, but surely the legend of all legends would have to be that of Chris Turner,” Lane told the club’s official website.
“I remember how he led his defence in great style during that championship season of 1973/74, winning the Fourth Division title.
“Later as manager Chris led Posh to promotion in 1990/91 having been in the managerial post barely three months.
“Then the following season Chris achieved promotion again by proudly leading his team out to victory at the Twin Towers of Wembley against Stockport County 2-1, taking us to the then renamed Division 1 (in 1991/92).
“Chris became the first manager in Posh’s history to take us into our highest-ever league position with back-to-back promotions.
“Chris was a great leader both on and off the field, he was one of the best centre-back’s to appear for Posh, a manager who led us to unbelievable heights.
“A big man with a big heart, always a pleasure to watch. God Bless you Chris and R.I.P.”
Cambridge United also paid tribute to Turner, while Luton tweeted: “It is with sadness that we’ve learned of the death of former Town centre-half Chris Turner.”