US website TMZ reported that his body was discovered at his Paisley Park compound in Chanhassen, Minnesota on Thursday morning. Prince's spokesperson has since confirmed his death to the Associated Press.
Carver County chief deputy Jason Kamerud confirmed that police were called to a medical emergency at his estate at 9.43 am.
Police are currently investigating his cause of death.
A statement from Prince's management read: "It is with profound sadness that I am confirming that the legendary, iconic performer, Prince Rogers Nelson, has died at his Paisley Park residence this morning at the age of 57. There are no further details as to the cause of death at this time."
Earlier this month Prince was taken ill when his private jet was forced to make an emergency landing in Illinois. However, he appeared in concert the next day and told fans he was fine. At the time, his representatives told TMZ that the he had been suffering from a "bad bout of flu".
Prince - real name Prince Rogers Nelson - is regarded as a music legend and innovator, and was known for his eclectic style and flamboyant stage presence.
He rose to prominence in the mid 1970s, becoming a global superstar in the 1980s, and going on to sell more than 100 million records during his career.
Drawing influence from pop, R&B, soul, disco and jazz, he cemented his cult status with albums such as 1999 and Purple Rain.
As one of the most iconic musicians in music history, Prince has won seven Grammy Awards, and has earned 30 nominations. He also won an Oscar for the original song score to the classic film Purple Rain. He was inducted into the Rock and Roll of Fame in 2004.
Reports say Prince was in the process of writing an untitled autobiography which was due to be published in 2017.