Campbell's passing was announced this morning after he was rushed to hospital last month.
Everton released a statement, saying: "Everyone at Everton Football Club is deeply saddened to learn of the passing of one of the Club's most popular and much-loved former strikers, Kevin Campbell, at the age of 54.
"Not just a true Goodison Park hero and huge fans' favourite, Kevin was the Blues' first black captain and also an incredible person, as anyone who had the pleasure of meeting him would know."
Arsenal also stated: "We are devastated to learn that our former striker Kevin Campbell has died after a short illness.
"Kevin was adored by everyone at the club. All of us are thinking of his friends and family at this difficult time. Rest in peace, Kevin."