Formula One legend Niki Lauda has died aged 70 after a period of ill health, according to reports.

The Austrian Press Agency reported the news this morning.

Lauda, who had kidney transplants in 1997 and 2005, had reportedly been in hostpital for dialysis treatment after kidney issues.

"Due to kidney problems, he had to be transferred from the rehabilitation centre to a private clinic for dialysis," Lauda's brother Florian confirmed to Austrian media.

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According to Austrian newspaper Volksblatt, the motorsport great passed away accompanied by his family.

"The 70-year-old three-time Formula 1 world champion and flight entrepreneur had peacefully fallen asleep with his family on Monday, the family said on Tuesday night," said the report.

Lauda, who was badly burned during a Formula One race in 1976 and later became an airline entrepreneur, underwent a double lung transplant in August last year.

The former driver was a world champion three times, taking the title for Ferrari in 1975 and 1977, and in 1984 for McLaren.

He was non-executive chairmain of Mercedes and had a close relationship with five-time F1 champion Lewis Hamilton, and was involved in helping sign the British driver from McLaren in 2013.