The Rugby League legend reportedly suffered a heart attack whilst at home.
Folkes played 245 games for the Canterbury club and was named Dally M coach of the year in 2004, the same year the Bulldogs won the premiership victory.
Bulldogs CEO Andrew Hill released a statement today, saying the club was shocked by the tragic news.
“The club is shocked and saddened at the news of the passing of Bulldogs legend Steve Folkes.
“Steve played such a major part in the history of the Bulldogs, both as a player and coach, and was without doubt one of the giants of the club.
“Steve symbolised everything that the Bulldogs stand for and was respected throughout the game for his toughness and determination.
“He never took a backward step and was loved by the fans for his courage and commitment to the club.
“His legacy as a Bulldog and what he did for the club will never be forgotten and our hearts go out to his family and friends at this difficult time.”