The 66-year-old was found unconscious and not breathing in his Malibu home Sunday night after suffering a full cardiac arrest, and was believed to be 'clinging to life'.
Law enforcement officials have told media outlets that the rock legend was rushed to UCLA Santa Monica Hospital where he was put on life support and his pulse returned.
Later, the decision was reportedly made to remove him from life support after it was found he was lacking brain activity.
Born and raised in Gainesville, Florida, Petty — who recently wrapped a North American tour — dropped out of high school to pursue music with his band Mudcrutch, which included future Tom Petty and the Heartbreakers members Mike Campbell and Benmont Tench.
Before kicking off his 40th anniversary tour with the Heartbreakers earlier this year, Petty — who took home three Grammys and received 18 total nominations over his lengthy career — told Rolling Stone it would likely be his 'last big one.'
'I’m thinking it may be the last trip around the country,' he told the outlet. 'We’re all on the backside of our sixties. I have a granddaughter now I’d like to see as much as I can. I don’t want to spend my life on the road.'
Our thoughts are with Petty's family and friends!