UPDATED: Joe Paterno Dead at 85

Editor's Note: This story was updated at 11:06 a.m. to include a statement from Penn State University.

Venerable former Penn State football coach Joe Paterno died earlier today, ABC News has reported.

His death comes months after a and

"It is with great sadness that we announce that Joe Paterno passed away earlier today. His loss leaves a void in our lives that will never be filled," Paterno's family said in a statement, ABC News reported.

Penn State University trustees released the following statement Sunday morning regarding Paterno's death:

"We grieve for the loss of Joe Paterno, a great man who made us a greater university. His dedication to ensuring his players were successful both on the field and in life is legendary and his commitment to education is unmatched in college football. His life, work and generosity will be remembered always.

"The university plans to honor him for his many contributions and to remember his remarkable life and legacy. We are all deeply saddened."

In addition, the university posted the following memorial on its website (to read it in its entirety, click here):

"The Pennsylvania State University and college athletics mourns the passing of Joseph V. Paterno, the winningest coach in the history of major college football.

Paterno, who turned 85 last month, passed away today (Jan. 22) surrounded by his family at Mount Nittany Medical Center, near the University Park campus. The legendary teacher, mentor and humanitarian had been diagnosed with lung cancer last November and recently had been hospitalized.

A member of the Penn State coaching staff for 62 seasons, Paterno tremendously impacted the lives of thousands of current and former Penn State students, student-athletes and staff, Nittany Lion fans, State College community members and followers of college athletics. The Nittany Lions' head football coach for nearly 46 years, he was among the first three active coaches to be inducted into the National Football Foundation's College Hall of Fame, in 2007.

Paterno passionately and vigorously served the Penn State football program and the university with principle, distinction and success with honor since matriculating to State College in 1950 as a motivated and enthusiastic 23-year-old with Rip Engle, his head coach at Brown University. After 16 years as an assistant coach under Engle, Paterno was named Penn State's 14th head football coach on Feb. 19, 1966, when Engle retired.

Head coach of the Nittany Lions since 1966, Paterno is the Football Bowl Subdivision (FBS) leader in career victories, earning a 409-136-3 career record, a 74.9 winning percentage. The iconic Paterno is one of just three coaches in NCAA history to post 400 career wins, passing legendary Grambling coach Eddie Robinson for second place with the Nittany Lions' win over Illinois in Beaver Stadium on Oct. 29, 2011.

Paterno also was college football's all-time leader in bowl victories (24) and appearances (37). His post-season record of 24-12-1 gave him a winning percentage of 66.2, good for No. 3 all-time among coaches with at least 15 bowl visits. The Nittany Lions were 12-5 in contests that comprise the Bowl Championship Series under Paterno.

Paterno's career was marked with distinction, glorious accomplishments and immeasurable contributions to Penn State. As a young head coach, he created the "Grand Experiment," boldly stating that his teams would be comprised of young men able to play football at the highest level, graduate and make significant contributions to society upon their graduation.

Paterno always concentrated on seeing that his student-athletes attend class, devote the proper time to studies and graduate with a meaningful degree. He often said he measured team success not by athletic prowess but by the number of his players that go on to be productive citizens and make a positive contribution to society.

Paterno has five children—Diana, Mary Kay, David, Jay and Scott —all of whom are Penn State graduates—and 17 grandchildren.

In lieu of flowers or gifts, the family requests that donations be made to the Special Olympics of Pennsylvania or the Penn State-THON (The Penn State IFC/Panhellenic Dance Marathon)."

Paterno's death had been prematurely reported by some media outlets Saturday night.

For full coverage from ABC News, click here.

For coverage from ESPN, click here.

For the family's full statement, click here.

For coverage from the Post-Gazette, click here.

For coverage from CNN, click here.

For coverage from Huffington Post, click here.