Chisnall is to date the last player to be transferred between rivals Liverpool and Manchester United.
After coming through Manchester United’s academy, he left them for Liverpool in 1964 for a reported fee of £25,000 and spent three years there.
Chisnall made his debut as a substitute in the Charity Shield four months after his arrival and his final game came in the first leg of the 1965-66 Cup Winners’ Cup semi-final against Celtic.
He then went on to play for Southend United and Stockport County before eventually retiring.
Chisnall was highly regarded during his career, particularly as he came through the ranks at Manchester United, and England manager Sir Alf Ramsey once described him as "probably the best passer of a ball in the country".
Manchester United said in a statement on Thursday: “We are saddened by the passing of our former forward, Phil Chisnall.
“Phil was a product of our famed youth system and represented the club during Sir Matt Busby’s tenure. Our deepest sympathies are with his loved ones.”
Liverpool said: “We are deeply saddened by the passing of Phil Chisnall. The thoughts of everyone at Liverpool Football Club are with Phil’s family and friends at this sad and difficult time.”