The music legend, 87, is in the final stages of his long battle with pancreatic cancer and is spending his last days at his home in Mount Pleasant, Texas after leaving hospital, reported Rolling Stone magazine.
"He is still with us. It's been an honour to walk this road with him. It's a sad day. We are losing a great man," his wife said.
Janie also revealed that Price is surrounded by loved ones, including a pastor, as they prepare to let him go.
"Dear Friends, I have said my last goodbye to my Dad Mr. Ray Price. I drove to the ranch where I was allowed to see my Dad for a brief time. My Dad is in a coma and I believe he may pass at any time. I told him I loved Him and I think he tried to communicate that he loved me. God Bless my Dad."
The message prompted a number of websites to report that the 'For the Good Times' hitmaker had died.