Solicitors acting on behalf of his family said in a statement: “It is with great sadness that the family of Peter Green announce his death this weekend, peacefully in his sleep.
“A further statement will be provided in the coming days.”
Blues rock guitarist Green, from Bethnal Green in east London, formed Fleetwood Mac with drummer Mick Fleetwood in 1967.
Green left the band after a last performance in 1970, as he struggled with his mental health. He was eventually diagnosed with schizophrenia and spent time in hospital in the mid-70s.
He was among the eight members of the band – along with Fleetwood, Stevie Nicks, Lindsey Buckingham, John McVie, Christine McVie, Danny Kirwan and Jeremy Spencer – who were inducted into the Rock & Roll Hall of Fame in 1998.