Panagoulias, who was 78-years-old, also coached the United States' 1984 Olympic team, which beat Costa Rica 3-0 in their opening match.
He managed Greece from 1992-1994, guiding them to a first FIFA World Cup appearance. Panagoulias also coached Greece to their first major international tournament, the 1980 European Championship in Italy.
A funeral for Panagoulias will be held on Friday 22 June. Hellenic Football Federation President Sofoklis Pilavios told UEFA.com that Panagoulias's death was "a big loss."
"He was a great personality both in sport and the politics of sport," he said. "He was the pioneer that led the Greek football team to their first ever big successes."