Billboard.com confirmed the singer's death Monday.
Price, who enjoyed a successful 65-year-long career, issued a statement to fans when he entered hospice care last week.
"I am at peace. I love Jesus. I'm going to be just fine. Don't worry about me. I'll see you again one day," he said last Thursday.
"Ray Price left for heaven at 4:43 PM Central Time," radio veteran and Price family friend Bill Mack said in a Facebook message Monday. "He went in perfect peace."
Inducted into the Country Music Hall of Fame in 1996, Price is known for the hit songs "Talk to Your Heart," "Don't Let The Stars Get in Your Eyes," "City Lights," "Crazy Arms," "Heartaches By the Number," "Pride," "Walk Me to the Door," "Burning Memories," "Make the World Go Away," "Like Old Times Again," "Roses and Love Songs," "It Don't Hurt Me Half As Bad" and "Diamond in the Stars." His album, "Love Songs In Nashville," is expected to be released in 2014, Billboard.com said.
Price is survived by his wife, Janie, and Cliff, his son from a previous marriage.
2014: The Year in Fashion [PHOTOS]
Jason Aldean to extend Burn It Down Tour