Sunderland-born Noble made 97 appearances for the Seasiders between 1980 and 1983, scoring 14 times.
Burnley sold Noble to Blackpool for £25,000 in January 1980 after finally losing his place in the Clarets' side.
There he struck up a familiar partnership with another former Burnley player, Paul Fletcher.
He continued to play regular league football at Bloomfield Road, but the Seasiders were struggling and sank to the Fourth Division in 1981, and he finally called it a day in 1983.
He subsequently ran a sports shop in Burnley Market Hall for almost 20 years, and remained a familiar figure around his adopted home town.
Noble made 299 appearances for Burnley between 1973 and 1979, scoring 80 goals and boasting a 100% penalty record with 27 goals from 27 attempts.
He also played more than 200 games for Swindon Town.
In a club statement, Burnley FC said: "Peter Noble was never a “big-name” player, but he was superb in his time with Burnley and is remembered at least as fondly as many who had far more glittering careers with the club.
"On behalf of all at Burnley Football Club, we would like to express our deepest sympathies to all friends and family."