The Philadelphia native died Tuesday in New York of congestive heart failure, The Philadelphia Inquirer said.
Among his films were "The Miracle Worker," "Bonnie and Clyde," "The Chase," "Little Big Man," "Night Moves" and "The Missouri Breaks."
"Arthur was a member of the Directors Guild of America for 53 years. Our guild family has suffered a profound loss with his passing," DGA President Taylor Hackford said in a statement on the guild's Web site Wednesday.
"We will remember Arthur not only for his brilliant films, but for the prominent role he played in the guild at an important time in DGA history. As a National Board Member and member of the Eastern Directors Council, Arthur was crucial in reinvigorating member participation on the East Coast. He was a teacher and a mentor, and his wise counsel meant a great deal to students and his fellow filmmakers," Hackford said.
"A daring and innovative filmmaker, Arthur's influence on cinema through legendary films like 'Mickey One' and 'Bonnie and Clyde' inspired a generation, introducing American audiences to a vibrant style of film-making that broke the mold of films that had come before. For his invaluable contributions to the art of directing, Arthur received the DGA Honors Filmmaker Award in 2006."
Penn was nominated for a directing Oscar for "The Miracle Worker," "Bonnie and Clyde" and "Alice's Restaurant."