Taylor, who was 79, entered Cedars-Sinai Medical Center in Los Angeles six weeks ago for treatment of congestive heart failure, her family said.
Reynolds' husband, singer Eddie Fisher, left her for Taylor and became one of Taylor's seven husbands in 1959, but they divorced in 1964. Fisher died last year.
Taylor was single at the time of her death.
People.com said Reynolds told TV's "Access Hollywood" she and Taylor had buried the hatchet in recent years and last spoke two weeks ago.
"I said, 'Getting old is really [expletive,]'" Reynolds told the program. "And she said: 'It certainly is. It certainly is, Debbie. This is really tough.' I said, 'Well, you just hang in there now, Elizabeth.' And she said, 'I'm really trying.'
"God bless her, she's on to a better place," Reynolds, said. "I'm happy that she's out of her pain because she was in a lot of pain."
LINDSAY LOHAN: Actress Lindsay Lohan will not take a plea deal in her felony grand theft case, paving the way for a trial in a Los Angeles court, TMZ reported.
Lohan, 24, is accused of stealing a $2,500 necklace from a boutique but has denied any wrongdoing.
TMZ cited sources it did not name as saying Lohan met with her lawyer, Shawn Holley, Tuesday and told her she wants to go to trial to prove her innocence.
A preliminary hearing is set for April 22, the celebrity news Web site said.
The "Mean Girls" and "Freaky Friday" star is on probation for a 2007 driving-under-the-influence conviction.
GWEN STEFANI: U.S. pop star Gwen Stefani has donated $1 million to Save the Children's Japan Earthquake-Tsunami Children in Emergency Fund, Interscope said.
The fund was created to help in the relief and recovery effort in Japan, which was devastated by an earthquake and tsunami March 11.
"I've been inspired by Japan for many years and have a true love, appreciation and respect for the Japanese people and their culture," Stefani said in a statement issued through her record label Wednesday. "The disaster in Japan is beyond heartbreaking and I want to do anything I can to help. I would never be able to make a gesture like this without the love and support of all the fans over all these years."
SELENA GOMEZ: Selena Gomez & The Scene say they will kick off their summer concert tour at the Orange County Fair in Costa Mesa, Calif.
The tour is to begin July 24, with the band's Hollywood Records label-mates, Allstar Weekend, serving as their opening act.
Tickets are to go on sale April 2.
"I am so excited to see my incredible fans on tour," Gomez said in a statement Wednesday. "We're working on a great production and set lists including some surprise covers. I want to make sure everyone has a fun time."
In addition to her summer tour, Gomez is working on her third album and will star in Fox's feature film "Monte Carlo," due in theaters July 1.
Gomez is currently in production on the fourth season of her Disney Channel series, "Wizards of Waverly Place."
Celebrity Families of 2014 [PHOTOS]