The British actor - who last year appeared in blockbuster movies `Inception` and `The Town` - passed away on 02.01.11 after a long battle with cancer at a hospital in Shropshire, England, his friend, journalist Andrew Richardson confirmed.
He had continued working despite receiving treatment for testicular cancer in 1991, and his family have requested privacy.
Legendary director Steven Spielberg - who worked with Pete on `The Lost World: Jurassic Park` - has previously called the star the "best actor in the world", something he later joked about.
Commenting on the accolade, Pete said: "I`m sure what Spielberg actually said was, `the thing about Pete is that he thinks he`s the best actor in the world`."
Pete - who was nominated for an Oscar for his role in 1993 movie `Name of the Father` - is survived by his wife of seven years Jacqui and two children William and Lily.