"It is with great sadness we advise that Shane Keith Warne passed away of a suspected heart attack in Koh Samui, Thailand today, Friday 4th March," read the statement.
"Shane was found unresponsive in his villa and despite the best efforts of medical staff, he could not be revived.
"The family requests privacy at this time and will provide further details in due course."
It's a second shock to Australian cricket in just 24 hours after another great of the game, Rod Marsh passed away having also suffered a heart attack last week.
Bowling the 'Ball of the Century' when dismissing England's Mike Gatting at Old Trafford in 1993 announced Warne onto the global scene and he went on to bamboozle batsmen around the world in a stellar 15-year Test career.
Warne was one of the biggest names in cricket, one of the best ever to wear the Baggy Green and with 708 Test wickets he's second on the all-time list behind only Sri Lankan spinner Muttiah Muralitharan.
Warne also added 293 one-day dismissals and played a total of 339 times for Australia across all formats - winning the 50-over World Cup in 1999 as the joint-top wicket taker in the tournament.
More to follow...