The former Barcelona, Villarreal and Mallorca defender was 48. He coached Iraklis between 2008 and 2009, guiding the club to 10th place after a poor start under Oleg Protasov. The Spaniard also spent a short spell at Panserraikos before returning home.
"The world of football has lost an important and very respectable person so soon, so unfairly, so tragically," said Iraklis in a statement. "Our heartfelt condolences go out from the club to all those close to Angel, who we will remember as a special presence."
AEK coach Manolo Jimenez also paid tribute to Pedraza after his side's 3-1 win over Panserraikos.
"He was a very good person who I knew personally as we played at the same time and was someone I had worked with," said the AEK manager.
During his time as a Barcelona player, Pedraza collected a league title and Copa del Rey. He played from Mallorca between 1988 and 1997.
His health has deteriorated in the past few months as a result of illness, yet he took over at lower league side L'Hospitalet despite his condition, before leaving last October.
However, Perdraza will perhaps be best remembered for spending five years coaching youth sides at Barcelon after retiring as a player. There, he coached a number of talented youngsters that went on to star in Spanish football, such as Andres Iniesta who paid tribute to his former mentor after his team's win over Deportivo on Saturday.
Barca coach Pep Guardiola dedicated the 4-0 victory to the memory of Pedraza.
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