Co-founder of Velvet Underground, Lou Reed has died at the age of 71.

The singer-songwriter who is best known for his position in rock band Velvet Underground, and his subsequent solo career from the 1970s onwards.

The cause of Reed’s death has yet to be confirmed, however Rolling Stone magazine have reported that he underwent a liver transplant in May.

The news was confirmed to the Guardian by the singer’s agent Andy Wooliscroft earlier this evening.

Although the band never achieved much commercial success, they are seen to have revolutionised punk rock music in the 60s and 70s. However their popularity has grown ever since and Velvet Underground were inducted into the Rock and Roll Hall Of Fame back in 1996.

As one of the co-founders, singer, guitarist and main songwriter of  Velvet Underground, the singer-songwriter is famed for his hits Perfect Day, Walk On The Wild Side and Satellite Of Love.

In total Reed released 20 solo studio albums from 1972 – 2007. These included Metal Machine Music and Transformer. His last studio album, Lulu was released in 2011 and featured a collaboration with Metallica.

A statement is expected to be released on Lou Reed’s Facebook page shortly.