Kellow scored over 130 goals for the Grecians during three spells with the club and once scored a hat-trick in an FA Cup tie against Gary Lineker's Leicester side of 1981.
Kellow - who also played for Blackpool and Plymouth - died at Treliske Hospital in Truro on Sunday evening after being taken ill.
A club statement said: "Tony has always been held in extremely high regard at Exeter.
"Our thoughts and feelings are with his family and friends."
Source: PA
Source: PA