Warne was holidaying in Thailand when his management company confirmed the news, rocking world cricket less than 24 hours after the death of Rod Marsh.
"It is with great sadness we advise that Shane Keith Warne passed away of a suspected heart attack in Koh Samui, Thailand today, Friday 4th March," the statement read.
"Shane was found unresponsive in his Villa and despite the best efforts of medical staff, he could not be revived.
"The family requests privacy at this time and will provide further details in due course."
Australia's leading wicket-taker with 708 scalps in 145 Tests between 1992 and 2007, Warne sits behind Don Bradman in the conversation of the country's greatest ever players.
He played arguably the most influential role in Australia's golden era of cricket, announcing himself with the Gatting Ball and bowing out with a 5-0 Ashes whitewash at home.
He remains the second leading wicket-taker of all time behind Muthiah Muralidaran, and is still one of Australia's best known and greatest every sportspeople.
Warne was active on social media as recently as late as Friday, paying tribute to Marsh who also died of a heart attack he suffered last week.
Hours later, Australian cricket was mourning Warne's loss, with the news coming as a shock to players after the first day of play in the opening Test in Pakistan.
"Two legends of our game have left us too soon," David Warner posted.
"I'm lost for words, and this is extremely sad. My thoughts and prayers go out to the Marsh and Warne family.
" I just can not believe it. #rip, you will both be missed."
Adam Gilchrist also posted 12 broken heart emojis on his Twitter, while former India spinner and rival Harbhajan Singh labelled Warne his hero and said he was "totally shattered".
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