Famous among a younger generation for playing Hogwarts headmaster Dumbledore in a number of Harry Potter films, Gambon is reported to have died peacefully in hospital following a bout of pneumonia.
A statement issued on behalf of Lady Gambon and his son Fergus Gambon said: "We are devastated to announce the loss of Sir Michael Gambon.
"Beloved husband and father, Michael died peacefully in hospital with his wife Anne and son Fergus at his bedside, following a bout of pneumonia."
Sir Michael’s illustrious career spanned nearly five decades, he was one of the original members of the Royal National Theatre alongside Laurence Olivier.
The Irish-born British actor won four BAFTAs, two RTS Awards, and an Olivier during his lifetime but was probably best known by Harry Potter fans for his role as Professor Albus Dumbledore in the JK Rowling series from 2004 until 2008, taking over from original actor Richard Harris following his death.
Gambon is survived by his wife, Lady Gambon, and son Fergus, as well as two children, Will and Tom, with Philippa Hart.
May you RIP Michael Gambon.