Caan's team released the devastating news about the star's death on his Twitter account.
"It is with great sadness that we inform you of the passing of Jimmy on the evening of July 6. The family appreciates the outpouring of love and heartfelt condolences and asks that you continue to respect their privacy during this difficult time," the heartbreaking statement read.
Caan's longtime manager, Matt DelPiano, tells RadarOnline.com, "Jimmy was one of the greatest. Not only was he one of the best actors our business has ever seen, he was funny, loyal, caring and beloved. Our relationship was always friendship before business. I will miss him dearly and am proud to have worked with him all these years. My thoughts and prayers are with his entire family during this difficult time."
Caan played Sonny in the 1972 movie The Godfather, and became an instant favorite among fans, paving the way for him to reprise his character in the franchise's sequel just two years later.
He even scored a Best Supporting Actor Oscar nomination for his role in the first installment of the gangster flick.
Caan was last seen on the red carpet in March, joining his Godfather costars for the movie's 50th-anniversary celebration. He looked fit as a fiddle during the celebration at Paramount Theatre in Los Angeles, posing with his namesake son, James Caan Jr.
The last photos show Caan dressed in a classic black suit with a trendy polka dot tie and pocket square.
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In 2018, speculation about his health began to swirl, but Caan denied the rumors to RadarOnline.com.
"I have had recent back surgery," he told us at the time. "However, I feel better than ever"
Caan leaves behind five children, including Hawaii Five-O star Scott Caan. He had four wives throughout his lifetime, with the most recent being Linda Stokes. Caan married Stokes in 1995 — and their relationship was filled with drama.
His marriage to Stokes was interesting, considering he filed for divorce two times before he actually went through with it. Caan pulled the plug for the third time in January 2015. There was no prenup, despite the actor's net worth being more than $20 million.
Caan first filed for divorce from Stokes in 2005 and again in 2009. Both of those divorce cases were dismissed.
At the time of this post, Caan's cause of death has not been revealed. RadarOnline.com has reached out to his reps for comment.