The actress, who was in Dubai for a family function, reportedly suffered a cardiac arrest.
Confirming the news of her death, Sridevi's brother-in-law and actor Sanjay Kapoor, told IANS: "Yes, it is true."
Sanjay, however, could not reveal more details as he was on his way to Dubai.
Sridevi was in Dubai to attend the marriage function of actress Sonam Kapoor's cousin Mohit Marwah, along with husband Boney Kapoor and younger daughter Khushi Kapoor.
Sridevi has known for her performance is some of the iconic films like Mr India, Nagina, Sadma, Chaalbaaz, Chandni among many others. The Padma Shri recipient was last seen in Mom in 2017.
The news of death came as a shock for everyone in the film industry.
Sridevi – Her magic lives on!