WEG drew cartoons for the Melbourne Herald newspaper for 40 years until his retirement in 1986, and raised more than $2 million for Victoria's Royal Children's Hospital through sales of his premiership posters.
The posters were originally created to advertise The Herald at newsagents, but grew into a phenomenon, selling more than 100,000 every year, the Herald Sun newspaper reported.
WEG's grand final series began in 1954, but the artist went on to produce posters for every grand final dating back to 1897 to satisfy collectors.
Herald and Weekly Times managing director Peter Blunden on Monday described Green as a great Australian.
"Nothing is more symbolic of Melbourne and its football history than a WEG poster, and they've given so much to the community," he said.
He said WEG's efforts for the Royal Children's Hospital were phenomenal.
"Every year he has donated his talent and effort to the hospital's Good Friday Appeal to produce the posters, which in many cases have become valuable collector's items," he said.
"It's hard to imagine anyone achieving that again."
