After learning that, celebrities took to social media to pay their respects after the news was announced.
Caan was best known for roles in "The Godfather," "Brian's Song," "Misery" and "Elf." His death was announced via his official Twitter page on Thursday morning.
Caan's "Misery" co-star Kathy Bates took to Twitter saying she was "heartbroken."
Billy Dee Williams, who starred alongside Caan in "Brian's Song," shared a recent photo of the duo, accompanied by a heartfelt statement.
Adam Sandler admitted his idolization of Caan on Twitter shortly after the news broke saying he "always wanted to be like him."
Rob Reiner, who worked with Caan on several projects including "Misery", issued his condolences via Twitter.
Rob's son, Jake, also a CBS News Los Angeles reporter, seconded down on his father's statement.
Fellow actor Gary Sinise took to Twitter to say that it "was wonderful to know him & call him a pal."
Barbra Streisand shared an old photo of the pair, saying he "was so talented."
Antonio Banderas said "a great actor has left us," accompanied by Caan in several of his best-known roles.
Jon Lovitz called working with Caan "the highlight of my career."
In a thread of tweets, Jennifer Tilly recalled humorous memories with Caan onset, where he was widely regarded to be one of the biggest pranksters in Hollywood.
Andy Richter recalled a few of the many traits that made James Caan who he was.
Holly Robinson-Peete joined the throngs of celebrities remembering Caan's legendary career.
Piers Morgan shared a photo of Caan as Sonny Corleone accompanied by a message.
Director James Gunn recalled the impact that Caan's films had on him as he grew up.
Cary Elwes offered his condolences as well on Twitter.
The tributes continued to pour in for the legendary actor.
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