He passed away on Sunday (21Oct12) at the Lilavati Hospital in Mumbai, India due to multiple organ failure following a battle with dengue fever.
Chopra, known as the King of Romance in India, made his directorial debut in 1959 with Dhool ka Phool (Blossom in the Dust) and 14 years later he founded his own production company, Yash Raj Films.
Since then he has produced, written or directed more than 50 films over the last five decades, including Deewar (Wall), Dil To Pagal Hai (Heart Is Mad), Vijay (Victory), Kabhie Kabhie (Sometimes...), and Chandni (Moonlight).
Considered one of the greatest Hindi filmmakers of all time, he has won a total of six National Film Awards and 11 Filmfare Awards. He was also twice honoured by members of the Indian government - he received the Dadasaheb Phalke Award in 2001 and the Padma Bhushan in 2005 for his contributions to the arts.
His last film, Jab Tak Hai Jaan (As Long as I am Alive), will hit theatres next month (Nov12).
Indian Prime Minister Manmohan Singh has released a statement in the wake of his death, which reads, "He had an aesthetic talent to make his films look larger than life. His flourish in essaying romance and social drama was unmatched.
"He will be remembered by millions of his fans around the world and his work as a director and producer will be treasured by the nation for many more generations."
Chopra is set to be cremated on Monday (22Oct12).
Asian Cinema Night will be held in Chopra's honour at the upcoming 14th annual event, held in South Korea.
The 76 year old made his directorial debut in 1959 with Dhool ka phool (Blossom in the Dust).
The Yash Raj Films founder has produced, written and directed celebrated films including Waqt, Deewar, Kabhi Kabhie, Lamhe, Darr, Dil To Pagal Hai, and Veer-Zaara.
Previous recipients of the Asian filmmaker of the year award include Iranian director Mohsen Makhmalbaf, Taiwan's Hou Hsiao-Hsien and Edward Yang, Hong Kong's Andy Lau, and Kazakhstan's Gulnara Sarsenova.
The festival is scheduled to run from 8 to 16 October (09).