Mr Patel had been suffering from health problems for a long time. He breathed his last at a hospital in Sagar around 10.30 am today, the sources said.
He is survived by his wife, a son and two daughters.
The last rites will be performed on Saturday evening, they added.
Mr Patel was twice elected to the Madhya Pradesh Assembly from Sagar constituency. He was a minister in the cabinets of Arjun Singh, Motilal Vora and Shyama Charan Shukla. Mr Patel has written 55 Hindi film songs and has five collections of poems to his credit.