The causes of his death were not revealed, but local media reported that Ivic, who had long suffered from diabetes, was hospitalised on Thursday due to heart problems.
The former midfielder started his coaching carrier in 1967.
He achieved his first major successes as Hajduk Split coach in the 1970s, when the club won three Yugoslav league championships and four domestic cups.
Ivic had a long and impressive list of former employers.
During his career, he led four national squads -- Yugoslavia, Croatia, Iran and the United Arab Emirates -- and clubs from 14 countries, including giants like Ajax, Marseille, Paris Saint-Germain and FC Porto.