Local police reported earlier that emergency service responders were at his home in Florida, according to Sky News.
At around 10am EDT (3pm BST), Hogan was transported to a hospital, where it was confirmed that he had passed away.
Police are expected to provide additional details at a press conference later today.
Hogan, real name Terry Bollea, rose to fame in the 1980s, helping establish WWE as a worldwide brand.
"WWE is saddened to learn WWE Hall of Famer Hulk Hogan has passed away," the company said in a statement.
"One of pop culture’s most recognisable figures, Hogan helped WWE achieve global recognition in the 1980s.
"WWE extends its condolences to Hogan’s family, friends, and fans."
Hogan parlayed his wrestling fame into a less successful acting career, starring in films like 'Rocky III' and 'Santa With Muscles', but kept returning to the ring.
In 2024, he appeared at the Republican National Convention to endorse the presidential bid of Donald Trump.
Hogan said he decided to support the Republican candidate after seeing his combative, fist-pumping reaction to an attempted assassination on the campaign trail.
"Let Trumpamania run wild, brother," Hogan bellowed to a cheering crowd, ripping off his shirt to reveal a Trump tank top. "Let Trumpamania rule again."