Alaganan, 87, was ailing for some time and passed away at his house here, family sources said.
He is survived by wife, son and two daughters.
Alaganan had Captained Tamil Nadu when it first won the Ranji Trophy in the 1954-55 season.
He was Vice-President of Tamil Nadu Cricket Association from 1961 to 1986 and President from 1988 to 1993.
TNCA and BCCI President N Srinivasan and the office-bearers of the association condoled the death of Alaganan, who later donned the role of cricket commentator.
"Alaganan was a very popular personality in the field of Tamil Nadu cricket.. It will not be an exaggeration to call him the 'Prince of Tamil Nadu cricket' because he was one in every sense of the term. His passing away has robbed the TNCA of a senior statesman and it will be a long time before we can recover from this loss," TNCA Joint Secretary Dr G Natarajan said in a release.