He died on Thursday morning at Jupiter Medical Center in Florida, which was confirmed by his manager Erik Kritzer to The Hollywood Reporter.
The star had undergone a quintuple heart bypass in February 2010 but been working until recently; he was now filming Quentin Tarantino's film about the Charles Manson murders, Once Upon A Time in Hollywood.
"If I had to put only one of my movies in a time capsule, it would be Deliverance", Reynolds wrote in his 2015 memoir But Enough About Me. "By the time I finally woke up and tried to get it right, nobody would give me a chance".
Reynolds notably turned down an offer to play the space scoundrel Han Solo in the first "Star Wars", and the role of James Bond. But Reynolds never had any regrets for how his life turned out. Arnold Schwarzenegger tweeted, "Burt Reynolds was one of my heroes".
During a long, erratic career, Reynolds starred in the Oscar-winning film "Deliverance" in 1972 and the Oscar-nominated "Boogie Nights" in 1997.
Smith has always been an outspoken fan of Reynolds, with either the actor himself or the Smokey and the Bandit films being referenced in numerous films and other projects Smith has developed.
Burt Reynolds break out role - as the leader of four "suburban guys" who run into serious trouble in the wilderness. "He was a trailblazer", Schwarzenegger said in a tweet.
Tennis great Boris Becker described Reynolds in a tweet as "one of the last icons in Hollywood", while "Lord of the Rings" star Elijah Wood lamented the "passing of a legend".
Once among Hollywood's highest-paid actors, Reynolds later fell into financial trouble amid private ventures in an Atlanta restaurant and a professional sports team, though he continued to make cameo appearances and teach acting classes. "Always warm and amusing", tweeted comedian Ricky Gervais.