"He was a one-club man and our football club meant as much to him as he did to us," said chairman Phil Gartside.
Lofthouse, who worked for Bolton in a number of roles after he hung up his boots, also scored 30 goals in 33 matches for England.
Those roles included chief coach, chief scout, caretaker and club president, with Lofthouse holding that last position until his death.
"I would like to extend our deepest condolences to Nat's family, who are very much in our thoughts at this time," added Gartside in a statement on the Bolton website.
"We will miss him but we will celebrate his life, his legacy and great times that he brought to Bolton."
Source: BBC Sport