Los Angeles Lakers legend Elgin Baylor, widely regarded as one of the greatest players never to win a championship after playing and losing in eight NBA Finals, died on Monday, the franchise announced. He was 86.

The 11-time Hall-of-Famer, a dominant force for the Lakers during 14 seasons in the league between 1958 and 1971, passed away peacefully surrounded by his wife Elaine and daughter Krystal, the Lakers said.

"Elgin was the love of my life and my best friend," Elaine Baylor said in a statement released by the team.

"And like everyone else, I was in awe of his immense courage, dignity and the time he gave to all fans. At this time we ask that I and our family be allowed to mourn his passing in privacy."

Baylor was chosen with the top pick in the 1958 draft when the Lakers were based in Minneapolis.

He made an instant impact, averaging 24.9 points, 15 rebounds and 4.1 assists in his debut season to romp to Rookie of the Year honours.

It marked the beginning of an illustrious playing career with the Lakers which ended after a handful of games in his 14th season in 1971 because of knee problems.

The 6ft 5in (1.96m) small forward finished his career with 23,149 points at an average of 27.4 per game, along with 11,463 rebounds (13.5), and 3,650 assists (4.3).

Yet although he was pivotal in turning the Lakers into a dominant force in the 1960s, he was never able to crown his legacy with a championship.

He reached eight NBA Finals with the Lakers but lost all of them, including three seven-game series defeats to the Boston Celtics.

Baylor's NBA Finals appearances however did include a memorable 61-point outing against the Celtics in 1962, which remains the record for the highest ever score by an individual in a NBA Finals game.

In a twist of fate, the Lakers finally won a championship in the 1971-1972 season -- when Baylor had retired through injury after only nine games.

The Lakers later gave Baylor a championship ring in recognition of his contribution to the team which he sold for $132,000 in 2013.

"Elgin was THE superstar of his era - his many accolades speak to that," Lakers Governor Jeanie Buss said in a statement on Monday.

"He was one of the few Lakers players whose career spanned from Minneapolis to Los Angeles.