The US is in possession of Bin Laden's body, the reports say. President Barack Obama is due to make a statement shortly.
Bin Laden is top of the US most wanted list.
He is accused of being behind a number of atrocities, including the attacks on New York and Washington on 11 September 2001.
The al-Qaeda leader was killed in a mansion outside Islamabad in an operation based on actionable US intelligence, CNN reported.