Bentley won the league title with the Blues in 1955 and spent eight years with the club, scoring 150 goals in 367 appearances.
"A Chelsea legend in the truest sense of the word, his importance in the club's story has, and never will be, forgotten," the club said.
The club paid Newcastle £11,000 for him in January 1948 and he top scored in seven consecutive seasons. Bentley is the joint-fifth highest goals total in Chelsea’s history and was appointed captain by manager Billy Birrell towards the end of the 1950/51 season, replacing his friend. Johnny Harris.
Later that summer both he and Harris went on strike over a contractual dispute, and did not play for eight weeks.