The Italian had been missing for four days when the police finally retrieved him, trapped inside his car, at the bottom of a canal near the town of Gambolo. The body of an unidentified woman was also found in the car.
As Auto123.com understands, Pane was driving home from a family gathering when he disappeared on Sunday.
"The car was spotted in the canal and when pulled from the water two bodies were found inside," the Daily Mail quotes a police spokesman as saying.
"It looks like the car came off the road and went into the canal but the full cause is still being investigated and it is too early to say for sure."
The former F1 test driver and national karting champion was best known for his involvement in historic grand prix racing. He won the 2008 Historic Formula One Championship as well as shooting driving scenes as Niki Lauda in "Rush".
Pane's death is the second of a "Rush" driver after Sean Edwards was killed in last October. In the movie, Edwards plays his father Guy, who helped extricate Niki Lauda from the wreckage of his infamous Nürburgring accident.