Thailand's former prime minister Prem Tinsulanonda Photo: IC

Thailand's former prime minister Prem Tinsulanonda died at the age of 98 on Sunday, according to local media.

Reports said that he died of heart failure at the Phra Mongkutklao hospital in Bangkok.

Prem "passed away this morning around 9 o'clock", interim house speaker Chai Chidchob told MPs on the third day of Thailand's new parliament.

"I would like to ask everyone to stand for a moment in memorial."

Prem, the Privy Council president of the country, was a regent under King Maha Vajiralongkorn in late 2016.

Born in southern Songkhla province in 1920, Prem experienced most of modern Thai history.

He graduated from the country's top military academy in 1941, showcasing his talent on the frontline by fighting the French in Cambodia and later the British in Myanmar.

He ran the country as prime minister for eight years during 1980-88.

Prem was a top aide to the late beloved King Bhumibol Adulyadej and helped cement the unshakable bond between the monarchy and the military.

His rule as prime minister brought a rare period of political and economic stability to Thailand thanks to his patronage of military officers but most importantly through the trust he forged with Bhumibol.

The bachelor general cultivated loyalty in the military despite two counter-coup attempts.

He helped instigate three coups including the one in 2014, according to Chambers, while indirectly assisting in the ouster of four other governments.

Prem was credited by some for opening up some space for democratic politics when he eventually stepped down for an elected premier to take office.