He was 73 and is survived by wife Nirupa and two sons, first-class cricketer Snehasish and Sourav.
Ganguly senior was seriously ill with high blood sugar and was given insulins regularly while being treated at home.
"His condition deteriorated in the evening and was rushed to the MP Birla Heart Reserach centre. He passed away around 6.30 pm, while being on the way," CAB joint secretary Sujan Mukherjee said.
His body will be brought to CAB for final homage before the funeral.
Ganguly senior had played a significant role in shaping the career of both his sons Snehasish and Sourav.
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"I don't have words to express. It's really a very sad moment for me. I really don't know what to say," an upset Debu Mitra said after PTI broke the news to him.
Ganguly senior also sent Sourav to play minor county under the watchful eyes of Mitra in England during the late 1980s as his cricketing career got off after getting into the triumphant Ranji Trophy side in 1989-90 under Sambaran Banerjee.
He went on to become treasurer, secretary, vice president and member of trustee board but he stopped going to CAB after Ganguly was dropped from the Test side in 2005.