Troyer passed away on Saturday aged 49 after battling depression.
Myers – who played his sidekick 'Dr Evil' – said: "Verne was the consummate professional and a beacon of positivity for those of us who had the honor of working with him.
"It is a sad day, but I hope he is in a better place. He will be greatly missed."
Troyer appeared in 1999′s 'Austin Powers: The Spy Who Shagged Me' and 2002′s 'Austin Powers in Goldmember'.
Earlier this month Troyer had been admitted to a hospital in Los Angeles after police were told he was feeling suicidal.
In recent times he had been treated for depression and was receiving treatment for acute alcohol poisoning.
However, he passed away on Saturday surrounded by family and friends.
Other Hollywood stars to paid tribute to the 2 ft 8 inch tall star today via their social media including; rapper Ludacris, Marlee Maitlin, Shannon Elizabeth, Patrick Shriver and Vanilla Ice.
Rapper Ludacris posted a photo of Troyer starring alongside him in his 2010 music video for hit single 'Number One Spot. "R.I.P. Verne Troyer aka Mini Me. You made it to that #1 Spot Glad we got to make history," he wrote.
Marlee Matlin shared a photo with Troyer wrriting: "So sad to read of the passing of Verne Troyer. A lovely smile with a caring and big heart, he helped raise money on behalf of @starkeycares for free hearing aids for deaf and hard of hearing people. RIP.'
Shannon Elizabeth shared an old photo with him and added: "RIP & fly with the angels @VerneTroyer. Thank you for all you gave the world. You are already missed..."
Patrick Shriver wrote: "R.I.P. @VerneTroyer Brought me too many laughs."
Vanilla Ice, now a reality TV star, said: '#RIPVerneTroyer sad to loose a #LEGEND and friend— LONG LIVE my little Buddy @VerneTroyer #VerneTroyer.'
Troyer is survived by his girlfriend, actress Brittney Powell, 43, who starred with him on Celebrity Wife Swap.
We pay for juicy info! Do you have a story for RadarOnline.com? Email us at email@example.com, or call us at (866) ON-RADAR (667-2327) any time, day or night.