Sir Jack, who passed away in Fort Lauderdale in Florida on Tuesday, was owner for 17 years before selling to Steve Morgan for a token £10 in 2007.
He was at the helm when Wolves were promoted to the Premier League in 2003.
The Bahamas-based multi-millionaire was also responsible for the transformation of Wolves' Molineux home into a modernised 28,000 all-seater stadium.
"Wolves are a family and we're united in mourning at the loss of one of the club's, and the city's, most cherished sons," said Morgan.
"Sir Jack always said that he was a custodian of the club during his ownership. He was merely looking after Wolves for the supporters.