Sources close to the palace said he died at about 7.30pm on Tuesday while on his bed, after first losing consciousness.
Those familiar with the monarch’s demise said his sons and palace chiefs had since being informed of the development.
Palace insiders said the Oba, born April 14, 1914, was hale and hearty and did not show sign of any life-threatening ailment.
The 40th Olubadan however passed on in the evening encircled by his wife and a few of his children.
Oba Odulana, who ascended the throne at age 93 on August 17, 2007, would have been 102 years old if he had lived another 86 days.
Those familiar with the Ibadan kingship tradition said the next High Chief to become Olubadan is the current Balogun of Ibadanland, Saliu Adetunji.
In 1976, he was confirmed the Jagun of Ibadan land, and then climbed several other chieftaincy ladders before becoming the Olubadan.
The remains of the late monarch, who celebrated his centenary in April 2014, has been deposited at the morgue of the University College Hospital.