Scott, 84, passed away on Tuesday morning in his hometown of Mount Gambier in South Australia’s southeast, surrounded by family and friends, who had maintained a bedside vigil.
It's believed Scott had been ill for several weeks before his death.
"Allan Scott was and always will be a hero of the Port Adelaide Football Club – it’s that simple," Boulton said on Tuesday.
"Nobody has supported this club the way Allan did throughout what was a wonderful life.
"The fact Port Adelaide grew from a suburban footy club into an ultimately successful one on the national stage was largely thanks to Allan Scott.
"Our thoughts and prayers are with Allan’s family and friends at this difficult time."
Scott, the club's longest-serving sponsor, first joined Port Adelaide in 1992 prior to its inception into the AFL and came on board as a joint major sponsor of the Power in 1997.
Late last year Scott, who was recognised with life membership of the club, redirected his money to establish the 'Allan Scott Player Development Academy'.
The training and administration buildings at Alberton are also named after the influential businessman.
"Allan’s legacy is forever captured in the history of our football club while it is simultaneously aligned with its future," Boulton said.
"We will all miss him dearly but never forget what he has done for our football club."
Scott built his empire around the trucking business he started 56 years ago and, up until his death, still oversaw the Scott Group of Companies, which extends across the transport, media and retail industries.
In 1995, the Morphettville Racecourse was also renamed Allan Scott Park after Scott injected significant funds into the complex.
Scott, renowned for his outspoken nature and political views, made headlines in 2003 when he said the Power would never win a premiership under current coach Mark Williams.
This prompted Williams' excited utterance on grand final day in 2004 when he famously declared, "Allan Scott, you were wrong" on the dais.
"Mark would be saying just what I’ve said, that Allan has been an outstanding contributor and just so important to our club," Boulton added.
"Everyone is allowed to have disagreements and that's the beauty of it. Allan was the sort of man that started with nothing, grew and brought success to this state, his family and to Mount Gambier. It's been outstanding what he’s done for our club.
"I think Allan was always outspoken and he was like many people around our club. They have a view and they always present it forcefully. I think that has been a positive for the club."
