The American musician's career spanned more than five decades. His last album was released in 2020.
Corea is the fourth most nominated artist in the Grammy awards' history with 65 nominations, winning 23 times.
He died on 9 February from a rare form of cancer that was only recently diagnosed.
Corea played with Miles Davis in the late 1960s and his own group, Return to Forever, were at the forefront of the jazz fusion movement.
He was also known around the world for his work as a composer with hits like Spain and 500 Miles High.
"Through his body of work and the decades spent touring the world, he touched and inspired the lives of millions," the statement said.
In an interview with the BBC last November, Corea said he had spent lockdown taking on new projects and was looking forward to playing in front of a live audience again.
In a message left for his fans prior to his death, Corea said: "It is my hope that those who have an inkling to play, write, perform or otherwise, do so. If not for yourself then for the rest of us.
"It's not that the world needs more artists, it's also a lot of fun," he said.