Posting a picture with Shane and his ex-fiance Elizaberth Hurley, Elton sent his sympathies to the family of Shane and to those of late cricket player Rod Marsh, who also passed away on 4 March.
WATCH: A look back at cricket legend Shane Warne's life
"A tragic day for Australian cricket. Two legends passing is heartbreaking. I knew them both and played cricket with Rod in Perth. A very special and fearless man," Elton captioned his post.
"Shane was a magical bowler and such huge fun. They were both Australians through and through, which made them so endearing. My sympathies to their families and loved ones."
Fans were quick to share their sympathies, with many sharing their memories of the player. "I’m so sorry for your loss. I’m sending my condolences and lots of love. May his memory be a blessing," wrote one.
Shane died at the age of 52 after suffering a suspected heart attack, his management confirmed on Friday 4 March. In a statement, a spokesperson said: "Shane was found unresponsive in his villa and despite the best efforts of medical staff, he could not be revived. The family requests privacy at this time and will provide further details in due course."
Elton shared this tribute
Shane was once the captain of the Australia national team and was widely considered one of the greatest bowlers in cricket history.
He also played cricket for his home state of Victoria and English domestic cricket for Hampshire.
The sportsman leaves behind three children Brooke, 24, Summer, 19, and Jackson, 22 - all of whom he shares with ex-wife Simone Callahan.
Shane died aged 52
The cricket hero was also previously in a relationship with The Royals actress Elizabeth - their romance came to an end in November 2013. The duo dated for three years and were at one point engaged, before separating.
Elizabeth spoke to HELLO! magazine following the split, revealing how she "struggled" to come to terms with the end of her relationship with the cricketer-turned-commentator.
"We finally parted ways in November (2013) and it was a very sad time for both of us," she told HELLO!. "I struggled for a while."
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