The three-time F1 world champion is said to have passed away peacefully in his sleep on Monday, May 20, aged 70.
His heartbroken family has since paid tribute to him, mourning him as a "tireless zest for action, straightforwardness and courage."
"His unique achievements as an athlete and entrepreneur are and will remain unforgettable, his tireless zest for action, his straightforwardness and his courage remain a role model and a benchmark for all of us," his family's statement said.
Lauda will be fondly remembered for his historic comeback to motor racing after suffering third degree burns in a near-fatal crash during the 1976 German Grand Prix.
He went in to stun the world after winning his second world championship a year later.
However, despite surviving the crash and the incredible return to racing, the incident is believed to have taken a huge toll on his health.
He was left battling health problems for decades which saw him undergo two kidney transplants, with one donated by his Florian brother and the other from his wife.
His latest round of numerous hospital visits came in August 2018 and had to undergo a lung transplant after being diagnosed with flu-like symptoms.
After his racing career, Lauda became an airline entrepreneur, founding his own airline, Niki, in 2003.
Meanwhile, Legit.ng had previously reported that WWE had once again been plunged into mourning following the death of former wrestling star, Ashley Massaro, who passed away at the age of 39.
According to a talkSPORT report, Massaro was found unconscious at her Long Island home, with authorities disclosing she died of "non-criminal causes."
All at McLaren are deeply saddened to learn that our friend, colleague and 1984 Formula 1 World Champion, Niki Lauda, has passed away. Niki will forever be in our hearts and enshrined in our history. #RIPNiki pic.twitter.com/Ndd9ZEfm6B— McLaren (@McLarenF1) 21 May 2019
❤ Niki, 1949 - 2019 pic.twitter.com/tMPi7s2ODE— Mercedes-AMG F1 (@MercedesAMGF1) 21 May 2019
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