Al Ruddy passed away on May 25 at UCLA Ronald Reagan Medical Center after a brief illness, a family spokesman said.
Some of Ruddy's former co-stars and Hollywood colleagues such as Clint Eastwood, Al Pacino and Hilary Swank have shared tributes.
The Offer director Dexter Fletcher said in a statement: "Al was truly one of the great Hollywood mavericks. One of the last Mohicans who created great movies which still influence and inspire to this day.
"From humble beginnings to the highest of Hollywood accolades. His was an incredible journey. Achieved through the sheer power of his determination, strong will, irrepressible energy and charm and a rarely matched love for the art of film."
Teller said in a statement: "It was an honor and a privilege to portray Al in The Offer. Al lived a life most could only dream of and all would envy."
"He was a great friend of mine and I will deeply miss him," Eastwood said in a statement Tuesday.
Al Ruddy was awarded an Oscar for his production of The Godfather
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Swank added: "It was the best of times working with [Al]. He will always be a legend in my and everyone's book."
Pacino reflected: "Al Ruddy was absolutely beautiful to me the whole time on The Godfather; even when they didn't want me, he wanted me. He gave me the gift of encouragement when I needed it most and I'll never forget it."
Ruddy's colleagues weren't the only ones to pay tribute to the Godfather legend, as one X user commented: "Loved the Paramount series about the making of The Godfather, based on his book. RIP."
"Rest in Eternal Peace #AlbertRuddy #AlRuddy much love to you all," another added before a third penned: "Al Ruddy taught me it’s okay to be weird. Rest in perfect peace sir."
Fans of the film and Ruddy's work were left heartbroken
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Someone else penned: "Al Ruddy has died. Upon his arrival in Heaven, he will inevitably regale St Peter at the gates with extremely enjoyable anecdotes. RIP."
One loving fan expressed: "RIP to the legendary Al Ruddy, producer of THE GODFATHER, and inspiration for THE OFFER series on Paramount+, which is great, and worth a watch." (sic)
Throughout his life, Ruddy was awarded two Best Picture Oscars for producing The Godfather and Million Dollar Baby, with his life story later being explored in the film, The Offer.
As the sole producer of The Godfather, Ruddy took home the Oscar for Best Picture at the 45th Academy Awards, with Clint Eastwood presenting him with the award.
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Al Ruddy died at age 94 of an illness
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Ruddy was married for 43 years to Giorgio Armani fashion executive Wanda McDaniel and shared their son, John, and daughter, Alexandra.
According to the Daily Mail, there will be no public funeral service that will take place, according to Ruddy's wishes, with a memorial service pending.
