The actor, who played ruthless oil tycoon J.R. Ewing in the 1980s TV soap and 2012 revamp, passed away in a Texas hospital on Friday afternoon (23Nov12).
Reports suggest he suffered complications related to his recent cancer battle.
He had spent America's Thanksgiving Day (22Nov12) with family and friends before suddenly falling ill.
A statement from his family reads: "Larry was back in his beloved Dallas, re-enacting the iconic role he loved most... When he passed, he was surrounded by loved ones. It was a peaceful passing, just as he had wished for."
TV bosses at TNT, the network which airs the new hit Dallas TV show, also released a statement upon hearing of Hagman's death.
It reads: "All of us at TNT are deeply saddened at the news of Larry Hagman’s passing. He was a wonderful human being and an extremely gifted actor. We will be forever thankful that a whole new generation of people got to know and appreciate Larry through his performance as J.R. Ewing. Our thoughts and prayers are with his family at this very difficult time."
Dallas executive producers Cynthia Cidre and Michael M. Robin added, "Larry Hagman was a giant, a larger-than-life personality whose iconic performance as J.R. Ewing will endure as one of the most indelible in entertainment history."