Boxing legend Alexis Arguello has been found dead at his home.
The La Prensa newspaper reported that Arguello was found with a gunshot wound to the chest on Wednesday..
Nicknamed ‘The Explosive Tin Man', the 57-year-old was a champion in three weight divisions during his life as a professional boxer.
In 1992, Arguello was inducted into the International Boxing Hall of Fame.
Hall of Fame executive director Edward Brophy said: "Alexis Arguello was a first-class fighter and a first-class gentleman,"
"The Hall of Fame joins the boxing community in mourning the loss of a great champion and friend."
Arguello was voted the best junior lightweight and sixth-best lightweight of the 20th century by a panel of experts assembled by the AP in 1999.
At the height of his boxing career, ‘The Explosive Tin Man' was considered the best pound-for-pound fighter in the world.
Remembered by many for his famous bout with Aaron Pryor, or what Ring Magazine called "Fight of the Year" and "Fight of the Decade".
Arguello retired in 1995 with a record of 82-8 with 65 knockouts.
After his retirement from boxing, he became active in Nicaraguan politics and was elected mayor of Managua, in November 2008.
Upon the news of his death presidential spokeswoman Rosario Murillo said: "We are upset, this is a heartbreaking announcement.
"He was the champion of the poor, an example of forgiveness and reconciliation."
Bob Arum, the promoter for many of his fights said: "Alexis was one of the greatest fighters and world champions, but more importantly, he was a real man, true gentleman and loyal friend,"
"He will be greatly missed."
The flags in the International Hall of Fame flew at half-mast on July 1, 2009 - for the loss of a great boxer, and even greater human being.
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