Dylan said in a statement to Rolling Stone: "It's shocking, crushing news".
Earlier on Monday, there were reports of his death, but they were later retracted and he was said to be clinging to life.
What's your favorite Tom Petty tune or memory?
The LAPD confirmed in a separate tweet that they had "no investigative role in this matter" and that they "apologize for any inconvenience in reporting". "We apologize for any inconvenience in this reporting", the LAPD wrote on Twitter.
According to TMZ, the L.A. County Sheriff's Department handled the emergency.
The iconic musician was found unconscious at his Malibu home from a suspected cardiac arrest. He was rushed to UCLA Santa Monica Hospital after EMTs were able to find a pulse, and was put on life support. Read through more remembrances from Petty's peers at this link. "One of the reasons why I wanted to get into music was because of Tom Petty". "During the band's concert in Portland, Oregon, Chris Martin and Co. faithfully covered Petty's classic 1988 hit 'Free Fallin".
Petty and his longtime band, The Heartbreakers, had recently finished their 40th anniversary tour, which brought them to PPG Paints Arena in June. "I think that's one thing that we love in music", he explained. Here, we're gonna do one of your songs.' I was hoping it would meet his approval, and he loved how we did it. "We're all on the backside of our 60s". And I wonder when you're recording a new album if you ever do that, if you take a demo or take a rough recording and take it out for a drive, see how it sounds on the highway outside the studio. To this day it makes me want to kick the door down.
Many artists have taken to social media to eulogize the singer, whose career spanned four decades. "With a little kid, that's a lot of time". He was inducted into the Rock and Roll Hall of Fame in 2002.
Petty broke out as front man for his band The Heartbreakers and hit his stride in the mid and late 70s with hits like "Breakdown", "Don't Do Me Like That" and "Refugee".