But someone needs to explain how a NATO strike killed him when he had been discovered in a drainage hole by rebels.
Muammar Gaddafi has been killed after National Transitional Council fighters overran loyalist defences in Sirte, the toppled Libyan leader's hometown and final stronghold.
"We have been waiting for this moment for a long time. Muammar Gaddafi has been killed," Mahmoud Jibril, the de facto Libyan prime minister, told reporters on Thursday in Tripoli, the capital.
Crowds took to the streets of Sirte, Tripoli and Benghazi, the eastern city that spearheaded the uprising against Gaddafi's 42-year rule in February, to celebrate the news, with some firing guns and waving Libya's new flag.
Abdul Hakim Belhaj, an NTC military chief, said Gaddafi had died of his wounds after being captured on Thursday.
The body of the former Libyan leader was taken to a location which is being kept secret for security reasons, Mohamed Abdel Kafi, an NTC official in the city of Misrata, told the Reuters news agency.
Earlier, Abdel Majid, another NTC official, said the toppled leader had been wounded in both legs.
The news came shortly after the NTC captured Sirte after weeks of fierce fighting.
Al Jazeera's Tony Birtley reports from Sirte
Fighters flashing V for victory took to the streets in pick-ups blaring out patriotic music.
"Thank God they have caught this person. In one hour, Sirte was liberated," a fighter said.
Al Jazeera's Tony Birtley, reporting from Sirte, said Libyans there celebrating the beginning of a "new Libya".