The place or date of death were unclear. The Pentagon did not comment.
Bin Laden, thought to be aged about 30, had released audio and video messages calling for attacks on the US and other countries.
As recently as February, the US government offered $1m (£825,000) for information leading to his capture.
His death was widely reported by US media outlets including NBC News, the New York Times and CNN, citing unnamed US intelligence officials. No confirmation yet from al-Qaeda.
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