Peres, an indefatigable campaigner for Middle East peace who jointly won the Nobel Peace Prize in 1994, was hospitalised following a stroke two weeks ago and died in Tel Hashomer hospital near Tel Aviv.
“There are few people who we share this world with who change the course of human history, not just through their role in human events, but because they expand our moral imagination and force us to expect more of ourselves. My friend Shimon was one of those people,” Obama said in a statement.
Media reports said Obama was planning to attend Peres's funeral, which Israeli media said was expected to be held on Friday, although details of the ceremony were not made public
Israeli Prime Minister Benjamin Netanyahu issued a statement expressing “deep personal grief at the passing of the beloved of the nation.”
The Israeli cabinet was to convene for a special session of mourning at 10am (07:00 GMT).