Frazier, 67, passed away in a hospice in Philadelphia and tributes have begun to flow in from around the sporting world.
Known as "Smokin' Joe", Frazier was a relentless fighter who became immortalised in the sport through his trilogy of battles with Muhammad Ali.
He beat Ali in 1971's "Fight of the Century" in New York before losing the next two battles, including the famed Thrilla in Manilla.
The Frazier family has confirmed the news in the following statement:
"We The Family of the 1964 Olympic Boxing Heavyweight Gold Medalist, Former Heavyweight Boxing Champion and International Boxing Hall of Fame Member Smokin' Joe Frazier, regrets to inform you of his passing.
"He transitioned from this life as 'One of God's Men' on the eve of November 7, 2011 at his home in Philadelphia, Pennsylvania. We thank you for your prayers for our Father and vast outpouring of love and support.
"Respectfully, we request time to grieve privately as a family. Our father's home going celebration will be announced as soon as possible. Thank you for your understanding."
Frazier was a small yet ferocious fighter who smothered his opponents with punches, including a devastating left hook he used to end many of his fights early.
It was the left hook that dropped Ali in the 15th round at Madison Square Garden in 1971 to win the so-called "Fight of the Century."
Though he beat Ali in that fight, Frazier lost the final two and for many years was bitter about the role Ali forced him to play as his foil.
Frazier was diagnosed last month with liver cancer, his personal and business manager said.
Leslie Wolff, who has been Frazier's manager for seven years, said the boxer had been in out and out of the hospital since early October and receiving hospice treatment the last week.
Frazier was the first man to beat Ali, knocking him down and taking a decision in 1971.
Frazier was bitter for many years about the way Ali treated him then. More recently, he said he had forgiven Ali for repeatedly taunting him.
While the "Fight of the Century" is celebrated in boxing lore, Ali and Frazier put on an even better show in their third fight, held in a sweltering arena in Manila as part of Ali's world tour of fights in 1975.
Nearly blinded by Ali's punches, Frazier still wanted to go out for the 15th round of the fight but was held back by trainer Eddie Futch in a bout Ali would later say was the closest thing to death he could imagine.
Frazier won the heavyweight title in 1970 by stopping Jimmy Ellis in the fifth round of their fight at Madison Square Garden.
Frazier defended it successfully four times before George Foreman knocked him down six times in the first two rounds to take the title from him in 1973.
Earlier this week, Ali released a statement about Frazier's illness, saying it was hard to accept the gravity of his situation.
"The news about Joe is hard to believe and even harder to accept,’’ said Ali. "Joe is a fighter and a champion, and I am praying he is fighting now."
Former boxing star, now promoter, Oscar De La Hoya was among the first to pay tribute on twitter, saying: "I will miss you my friend. R.I.P. Joe frazier", while undefeated lightweight star Floyd Mayweather has offered to pay for his funeral.
Foreman, another great heavyweight champion who defeated Frazier twice, wrote: "Good night Joe Frazier. I love you dear friend. George Foreman."
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