Tom Hanks, James Cameron and Rob Lowe are among the stars to have paid tribute to Bill Paxton following his death

Tom wrote: "Bill Paxton was, simply, a wonderful man. A wonderful man... Hanx. (sic)"

Meanwhile, James previously directed Bill - who is survived by wife Louise Newbury and their two children, James and Lydia - in a number of movies, including 'Titanic', 'The Terminator' and 'True Lies' and paid a heartfelt tribute to his friend, admitting he is stunned by the news of his passing.

He said in a statement to Vanity Fair: "I've been reeling from this for the past half hour, trying to wrap my mind and heart around it. Bill leaves such a void.

"He and I were close friends for 36 years, since we met on the set of a Roger Corman ultra-low budget movie.

"He came in to work on set, and I slapped a paint brush in his hand and pointed to a wall, saying 'Paint that!' We quickly recognised the creative spark in each other and became fast friends.

"What followed was 36 years of making films together, helping develop each other's projects, going on scuba diving trips together, watching each other's kids growing up, even diving the Titanic wreck together in Russian subs.

"It was a friendship of laughter, adventure, love of cinema, and mutual respect.

"Bill wrote beautiful heartfelt and thoughtful letters, an anachronism in this age of digital shorthand. He took good care of his relationships with people, always caring and present for others.

"He was a good man, a great actor, and a creative dynamo.

"I hope that amid the gaudy din of Oscar night, people will take a moment to remember this wonderful man, not just for all the hours of joy he brought to us with his vivid screen presence, but for the great human that he was.

"The world is a lesser place for his passing, and I will profoundly miss him."

And Rob, who starred with Bill in 'Frank & Jesse' is "devastated" by the news.

He wrote: "Devastated by the sudden loss of my close friend and one of the finest actors in the business, Bill Paxton.

"Renaissance man, raconteur and uniquely American national treasure. His filmography speaks for itself. His friendship was a blessing. My love to Bunny, James and Lydia.

"In his memory, on this Oscar Sunday, watch "One False Move" or "A Simple Plan" to see this lovely leading man, at his finest.(sic)"

Bill's former 'True Lies' co-star Arnold Schwarzenegger praised him for both his talent and kindness off screen.

He tweeted: "Bill Paxton could play any role, but he was best at being Bill - a great human being with a huge heart. My thoughts are with his family."

Charlize Theron also paid tribute to her "great friend" and 'Mighty Joe Young' co-star.

She posted: "You were a great friend to me, Bill. AND one of the finest actors to share a set with. Sending so much love to Bill Paxton's family."