Legendary musician Lou Reed has died at the age of 71.

Reed, who is best know for his work as singer, songwriter and guitarist for The Velvet Underground, has passed away six months after having a liver transplant in May.

His literary agent, Andrew Wylie, confirmed that he died of a liver-related illness yesterday morning (October 27) in Southampton, New York.

Wylie said: “He was as great an artist as it’s possible to be in my opinion".

Reed first rose to prominence with The Velvet Underground in the 1960s, the band he founded with John Cale.

They became one of the most influential in rock by fusing art and music in New York through their collaboration with artist Andy Warhol.

Warhol designed the banana image which the band featured it on its first album, The Velvet Underground & Nico, in 1967.

Although The Velvet Underground only enjoyed limited commercial success in the 1960s, the band became hugely popular in the subsequent decades. 

They were inducted into the Rock and Roll Hall of Fame in 1996.

Reed, whose solo hits include the classics Walk on the Wide Side, Perfect Day and Satellite of Love, released 20 solo studio albums from 1972 to 2007.

Reed is survived by his wife, performance artist Laurie Anderson, who he married in 2008.

Since the news of his death, tributes have poured in from from fans and stars across the entertainment world.