Chataway famously paced Sir Roger Bannister to break the four-minute mile barrier in 1954 – the same year that he smashed the 5,000m world record.
The legendary British athlete was the first person to be named BBC Sports Personality of the Year in 1954 after his amazing efforts in breaking the record in the 5,000m, coupled with his status following his efforts alongside Bannister.
Knight in 1995, Chataway will be remembered as one of Britain’s greatest ever middle-distance runners.
He also won the Commonwealth Games title in 1954 over three miles.
Chataway had been suffering from cancer for two-and-a-half years and his great friend Bannister led the tributes.
"He was gallant to the end," Bannister told BBC Sport. "Our friendship dated back over more than half a century.
"We laughed, ran and commiserated together. People will always remember him for the great runner he was but it shouldn't be forgotten that he had an extremely distinguished career off the track.
"My family and I will miss him sorely and our thoughts go out to his family and many friends who were so fond of him."
Chataway moved in to politics, working as a Conservative MP between 1959 and 1966 and rising to serve in positions as a Parliamentary Private Secretary and junior Education Minister.
He then retired from politics in 1974 to concentrate on his business career, becoming managing director of Orion Bank in 1974 before leaving in 1988 to work as chairman of the Civil Aviation Authority.