His brother and fellow bandmate Steve Porcaro confirmed the sad news on Facebook, reported Ace Showbiz.
Steve wrote, "Our brother Mike passed away peacefully in his sleep at 12:04 AM last night at home surrounded by his family. Rest in peace, my brother."
Fellow bandmate Steve Lukather added, "My brother Mike Porcaro is now now at peace. I will miss him more than I could ever put into words. My deepest love to the family. God Bless."
He appeared on Toto's albums including 1984's "Isolation", 1986's "Fahrenheit", 1998's "Mindfields" and 2002's "Through the Looking Glass".
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Mike's illness forced him to stop performing with the band in 2007. The band later announced in 2010 that Mike had been diagnosed with Lou Gehrig's disease.
Toto, whose hit songs include "Hold the Line", "Africa" and "Rosanna", won Grammy's Album of the Year in 1983 for their album "Toto IV".
The band was also inducted into Musician's Hall of Fame in 2009. Their new album "Toto XIV" will be released on March 24 and they will embark on a European tour starting in May.