Ali, the three-times heavy weight boxing champion, passed away after being admitted to hospital in Phoenix Arizona with a respiratory illness.
Fifty-thousand tweets were posted within hours of the news being confirmed in the early hours of Saturday morning. By 08:00 GMT more than 300,000 tweets using the hashtag #MuhammadAli had been posted.
This cartoon image of boxing gloves designed with his famous "float like a butterfly sting like a bee" quote in mind has been shared a number of times from various Twitter accounts.
Ali, who was known as much for his social conscience as his boxing skills, was outspoken and a staunch civil rights activist.  His self belief and showmanship made him an endearing figure across the globe.
@Inkquistive tweeted: "I'm so mean I make medicine sick. #RIPMuhammedAli, your charisma will be missed but celebrated for a lifetime."
@MegaMilkshake23 tweeted: "I am freaking out right now, Muhammad Ali was a hero and true inspiration to so many, I refuse to forget him. #inspire
@carmenblanchard tweeted: "Ali was not afraid to speak his mind, He continuously had his own beliefs and he risked his career to spread a message, Respect. #MuhammedAli
In addition to the hundreds of memes quoting the boxing legend, sports stars, celebrities and public figures have also tweeted their reaction to the news.
A number of images are also being shared including this one of a DC comics cover. @ifeelglorious tweeted the picture with the words "RIP Champ." At the time of writing it had been retweeted over 350 times.
By Rozina Sini

Age Scotland says official figures suggest that each year about 8,640 people in Scotland wait longer than six weeks for a council care assessment.
The average "worst case" is between two weeks and five months, with the longest delay of 18 months recorded in 2014/15.
Cosla, the umbrella body for local councils, declined to comment.
Age Scotland's research, compiled using freedom of information requests, found significant variations across councils in the time taken to carry out assessments.
Under national guidelines, people should wait no longer than six weeks for care services to be provided after an assessment has taken place.
Age Scotland found that about 10% of people were not provided with services within the six-week limit over the past three years.
The charity said its research suggested that about 3,000 elderly people each year wait longer than six weeks for services to be put in place.
Most councils do not record the reasons why delays occur, but many cited instances where delays were caused by the person being admitted to hospital or waiting for a place in their chosen care home.
Staff shortages, financial constraints and delays in adapting homes were also cited.
Age Scotland received freedom of information responses from 25 out of 32 councils.
Chief executive Keith Robson said: "These are deeply concerning figures showing thousands of older people facing delays in the care provision they need being put in place.
"It also means payments for free personal care they are entitled to are not being received.
"This confirms the experiences of a number of older people and their families who have been in touch with Age Scotland's helpline to tell us their experiences of delays in the system.
"As we look to local authority elections next month, Age Scotland has contacted council candidates across Scotland to ask them to ensure providing high-quality health and social care services is made an urgent priority by new administrations."

Wayne Maycock, Paul Bromwich and Admi Headley were last seen at HMP Leyhill at about 16:45 GMT on Sunday.
Avon and Somerset Police has appealed for anyone who sees them, or knows of their whereabouts, to make contact.
HMP Leyhill in South Gloucestershire is the only minimum-security prison in the South West.
Headley was sentenced in 2006 for rape and robbery, Maycock was jailed in the same year for GBH, while Bromwich was sentenced in 2001 for rape.
Earlier, the police force suggested all three were convicted of rape but this information was later amended.
A Prison Service spokesperson said: "Public protection is our top priority. We take absconds from custody extremely seriously. We are working closely with the police and are urgently investigating this incident."
According to Avon and Somerset Police:
Leyhill, near Wotton-under-Edge, is a category D prison housing more than 500 inmates, including some on life sentences.
Thousands are posting online tributes to Muhammad Ali who has died at the age of 74.
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Thousands of elderly people are missing out on free personal care because of delays to assessments and care arrangements, a charity has claimed.
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Two convicted rapists and a man convicted of assault - all considered to be a "risk to the public" - have absconded from an open prison.