Walker was a member of both the US National Track & Field Hall of Fame and the U.S. Olympic Hall of Fame.
"We join the entire Olympic family in remembering and appreciating the vast contributions he made to the worldwide Olympic Movement throughout his 93 years of life," USOC chief executive Scott Blackmun said.
"He devoted himself to the betterment of sport and we were fortunate to have called him our president. Dr. Walker's significant impact will resonate for generations to come."
Walker coached the US men's athletics team at the 1976 Montreal Olympics and also worked with Olympic teams from Ethiopia, Israel, Jamaica, Kenya and Trinidad & Tobago.
A coach and chancellor at North Carolina Central University in Durham, he served as USOC president from 1992-96.