"Greg was one of the most talented comedians of our time," Last Comic Standing producers said in a statement obtained by TVGuide.com. "His work will surely continue to influence and inspire us. We will miss our friend. Our thoughts and prayers are with his family."
The report of Giraldo's death comes just days after he was hospitalized for what his management called an "accidental overdose." He was listed in critical condition afterwards.
The New York native was a regular on The Howard Stern Show and was known for his appearances on many of Comedy Central's roasts, including most recently The Roast of David Hasselhoff. He joined Last Comic Standing this past season.
Giraldo, who worked as a lawyer before turning to comedy, is survived by his three children.
A representative at Robert Wood Johnson University Hospital in New Brunswick, N.J., declined to comment. Giraldo's agent and manager also declined to comment.