He died at the age of 71.
Report says he died on Wednesday in London after a protracted illness.
He has been ill for some time.
Mr Awolowo was once stricken by a strange ailment that kept him bed ridden for about 3 years at the UCH in Ibadan.
Before his death, he was the publisher of reputable national publication, Nigerian Tribune.
Confirming his death, Afenifere in a statement by its publicity secretary, Mr Yinka Odumakin said, “The entire Afenifere family mourns the passing away of the scion of our illustrious leader’s family,Chief Oluwole Awolowo. His death is a big pain and loss to all of us who are followers of the sage. We pray that the Almighty will strengthen our Mama and the entire family in this difficult moment. May his amiable soul rest in perfect peace.”