Gaddafi rose to power in 1969, but has been on the run for several weeks after an uprising began in February 2011.
The National Transitional Council, which is Governing Libya ahead of elections, said the former dictator has been found wounded in both legs.
However, reports are now coming in to suggest that Gaddafi was killed while trying to flee from Sirte in a military convoy. It has been confirmed that NATO used aircrafts to bomb two military convoys in Sirte last night.
It is now unknown whether Gaddafi has been wounded or killed.
His supporters are currently resisting Government forces in the town of Bani Walid, South-East Tripoli.
The International Criminal Court is seeking Gaddafi’s arrest and a Press Conference is imminent.