Reddick died Friday morning, one week before the release of John Wick: Chapter 4, in which he reprises his role of Charon, the concierge at the Continental Hotel's New York City.
In a joint statement, Reeves, 58, and director Chad Stahelski said they will dedicate the latest sequel to him.
"We are deeply saddened and heartbroken at the loss of our beloved friend and colleague Lance Reddick. He was the consummate professional and a joy to work with," they said. "Our love and prayers are with his wife Stephanie, his children, family and friends. We dedicate the film to his loving memory. We will miss him dearly."
The studio behind the film, Lionsgate, added in a statement, "The world of Wick would not be what it is without Lance Reddick and the unparalleled depth he brought to Charon's humanity and unflappable charisma. Lance leaves behind an indelible legacy and hugely impressive body of work, but we will remember him as our lovely, joyful friend and Concierge. We're stunned and heartbroken, and our deepest condolences go to his beloved family and his fans all around the world."
Todd Williamson/Getty Keanu Reeves and Lance Reddick
Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.
Reddick's reps said in a statement Friday, "Acclaimed actor Lance Reddick passed away suddenly this morning from natural causes. Lance was best known for his roles in The Wire, Bosch, Netflix's Resident Evil and the John Wick films."
"He is survived by his wife Stephanie Reddick and children Yvonne Nicole Reddick and Christopher Reddick," the statement added. "Lance will be greatly missed. Please respect his family's privacy at this time."
The late actor once praised his working relationship with Reeves in a December 2021 interview with Vulture, in which he described the star as "someone who's very generous as an actor and then all about the work."
Summit Entertainment / courtesy Everett Collection
"He's also very shy. This is going to sound really weird, but — he seems simple, but spiritually he's very advanced," Reddick said at the time, later adding: "On one hand I feel like I don't know him very well but on the other, I just adore that guy. He's such a wonderful human being."
Elsewhere in that interview, Reddick recalled that Reeves once "wrote me a note thanking me for what I brought to the character" in the John Wick franchise.
"And he wanted to give the note to me," he added. "I'll never forget it. I'm going to cry now."