The Bafana Twitter account confirmed on Sunday that Masinga has died of an undisclosed illness.
"Sad day for South African football. A loyal servant of the game, on and off the field of play, SAFA President Dr Danny Jordaan was quoted as saying by Bafana's twitter account.
Masinga, who earned over 50 international caps, helped South Africa clinch the 1996 Africa Cup of Nations title and scored the famous goal that secured qualification to the 1998 World Cup.
The former Mamelodi Sundowns striker also represented the likes of Leeds United and Bari in England and Italy respectively.