The statement from Souness and Murray goes on to read how "the Rangers family has lost someone very special".

“Walter had a profound effect on both of our lives - certainly as a manager and a leader and a wise and trusted adviser but always as a close and treasured friend. He made time for so many people.

“Both of us had spoken to him privately over the past few weeks. The topic rarely strayed from football.

“Our thoughts are with Ethel, Steven, Neil and their families.”

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Former Rangers owner Sir David Murray and ex-player and manager Graeme Souness have released a joint statement as they pay tribute to Walter Smith.

“Scottish football has lost one of its finest," they tell PA news media. “Even in the proud history of Glasgow Rangers, Walter Smith stands out as a colossus. He will never be forgotten.

“His 21 titles and trophies between 1991 and 2011 not only earned respect in the Scottish and British game but across the entire footballing world."

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Liverpool Echo sports editor Dave Prentice gives an insight into the real Walter Smith behind his public image, citing the relationship he developed with himself and former colleague Paul Joyce, now northern football correspondent for The Times.

"He used to wind Joycey up all the time," Prentice tells BBC Radio Scotland. "He used to plant little stories on his desk hoping that Joycey might see.

"He was always very playful and mischievous and so I always was very disappointed that people, certainly south of the Border, saw him as being a very stern, very gruff individual.

"I think that was the public persona he liked to put on having worked in the Glasgow goldfish bowl - a shield he learned to put up - but he wasn't. He was great fun and great company."

Sir Alex Ferguson says he's "absolutely devastated" following news of Walter Smith's passing.

"Walter was a special person. He fought his illness with great courage. He was a great friend of mine for years and years, I had him as my assistant at United in 2004 and he was also my assistant when Scotland went to the World Cup in 1986.

"In all that time you were dealing with a man with great moral compass in how he lived his life and the friendship he offered so many people. His contribution to football with Dundee United, Rangers, Scotland, Everton and Man United was immense.

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"He was only at United a short time but he was fantastic. I lost Carlos Queiroz to Real Madrid and I knew I needed an assistant so I phoned Walter about it and he came for six months and helped us win the FA Cup against Millwall. #

"He had a wonderful connection with people because he was a great listener, that was one of his greatest qualities.

"He listened and showed an interest in people and helped everyone he could. It’s such a loss to the game and to everyone that knew him. I send my sincere condolences to his wife Ethel and his two sons Neil and Steven. I’ll miss him greatly."

Everton's financial problems ensured that Walter Smith could not repeat his Rangers success while at the Premier League club, according to Liverpool Echo sports editor Dave Prentice."He didn't have any success at Everton," he tells BBC Radio Scotland. "When he came down, Evertonians were very excited about his appointment given what he had achieved north of the Border, but I think it's fair to say that his hands were very much tied.

"Initially, he brought in some very talented players to the club and then had to sell them 12 months later because of the financial troubles at the club.

"He had the bizarre situation where Duncan Ferguson, the club's talisman centre-forward, was sold behind his back and without his knowledge to Newcastle United.

"So he had all those problems to deal with, yet he did so with absolute dignity."

Liverpool Echo sports editor Dave Prentice tells BBC Radio Scotland how fondly Walter Smith is remembered from his time managing Everton - despite being unable to bring success to the Liverpool club.

"He was just such a beautiful man I think you would describe him as," he says.

"I think it's fair to say I saw him as a friend - not just a football manager. Just a really lovely man who I came to admire and cherish.

"He came to my wedding and we kept in touch after he left Everton and I think a lot of people associated with Everton had the same relationship with him.

"We're all very much saddened and it's strange. The time he had at Everton was unsuccessful, yet everyone thinks positively about him and that's the measure of the man.

"He was such a great human being and I feel quite emotional talking about it to be honest."

Rangers supporters have been leaving floral and written tributes outside Ibrox.

The fans have also left scarves outside the stadium as they pay tribute to their former manager.

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Image source, SNS

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Ibrox boss Gerrard goes on to tell RangersTV how fortunate he's been to have had a relationship with Walter Smith.

"I've been a lucky one, to know him and spend time with him," Gerrard adds. "So have an awful lot of other people who will have their own special memories of a great man.

"It's going to be emotional in the coming days and weeks, but the best tribute I and we as a team can do is be united, get the fans behind us and try to win the game tomorrow. That'll be the best tribute we can give him and his family."

An emotional Steven Gerrard tells Rangers TV: "It's a very sad day for everyone connected to the club. Walter was an incredible leader. He epitomised everything this club stands for. His DNA is all over the club.

"He's been right behind me since day one. I've had many lunches, dinners, coffees, chats and private time with him. He's going to be a very big miss to a lot of people.

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"He's decorated all over the club and he will be forever because he gave many, many years to this football club. He loved the club, he was honest, he was genuine. He's made a better person. I've got nothing but good words to say."

Celtic manager Ange Postecoglou says Walter Smith's reputation was well known in his native Australia.

"I guess in the era I grew up he was one of those people who you knew had great standing in the game even from the other side of the world.

"I can assure you his loss will be felt globally, and Australia absolutely because there’s a really strong expat community there from Scotland and the UK who will be saddened by his loss.

"We all try to live the best life we can possibly live and try to set the highest possible standards for ourselves in our profession and as people.

"It’s not easy but he’s one of a rare breed. For somebody to say we were a great person goes beyond what we did. Irrespective of rivalries or who he managed, people saw the man and had nothing but respect for him."

Celtic manager Ange Postecoglou paid tribute to Walter Smith at his pre-match media conference.

“Condolences to his family and those closest to him," the Celtic boss said.

"I can’t recollect coming across him on my travels, but I’m well aware of his record as a manager both at club and national team level.

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"And more importantly you see the measure of the man by the people who are paying tributes.

“I just saw Ally McCoist eloquently put it, that he was just a great man.

"A sad loss for Scottish football for sure. We all just want to try to make our mark as people not just in our profession, and he was one of that rare breed that definitely did that."

Former Celtic and Everton defender Alan Stubbs said Walter Smith was a manager who possessed a lot of dignity.

Speaking on BBC Radio 5 Live, Stubbs added: "He wasn't just a brilliant manager, he was a brilliant person as well.

"It's such a sad day and I'm completely taking aback by it [the news of Smith's passing] and I know he hadn't been in good health in the past few months.

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"My thoughts and prayers go out to Walter and his family."