The laws of the game formulated by the FA in 1863 didn't make any specific statement about the ball. the first reference a standard-sized ball  was for a  game between the London Football Association and the Sheffield Football Association in 1866, when it was stated that a Lillywhite’s Number 5 must be used. The same brand of ball was specified for the  FA’s Challenge Cup competition.  Thus, in 1872  a revised version of the laws stipulated a ball of average circumference of not less than 27 inches and not more than 28 inches. In 1883 this rule was extended to  all games . A standard weight followed in 1889: from 12  to 15 ounces. This was amended in 1937 to become 14 to 16 ounces.
The valve, which eliminated the need for laces, was invented in Argentina in 1931. 

Ball used at 1936 Olympics