The Clydebank band's lead singer called Presley, who died aged 71 at his home in Hampshire, a "great talent" and praised his humility over the song that became Wet Wet Wet's biggest hit in the 1980s, almost 30 years after it was penned.
Pellow said: "It's a sad day to say the least. Love is All Around played a big part in my life and still does to this day.
"When I first met Reg I was struck by how humble he was and how sweet he was to me about his song. He was truly a great talent. My thoughts are with his family."
Presley wrote Love Is All Around in 1967, but it was Wet Wet Wet's 1994 cover which took the song to the top of the British charts for some 15 weeks and proved the band's biggest hit.
The Troggs catapulted on to the rock'n'roll scene in 1966 with Wild Thing, helping them become one of Britain's most successful garage rock acts of the era.
Presley announced in January 2012 he had been diagnosed with lung cancer.