Wooldridge won Olympic gold in the 4,000m team pursuit at Athens 2004, also claiming four world titles in the same discipline.

He was not part of the quartet of Graeme Brown, Brad McGee, Brett Lancaster and Luke Roberts who won the pursuit final in Athens, earning Australia’s first gold medal in the event since the Los Angeles Games of 1984.

But along with Peter Dawson, he was awarded a gold medal due to his participation in the preliminary round.

Wooldridge was inducted into the New South Wales (NSW) Hall of Champions in 2015.

He sat on Cycling Australia's board from 2007 to 2013.

Cycling NSW confirmed the cyclist's death in a statement.

"Stephen was an inspirational figure in track cycling, particularly in his home state of NSW," the governing body said.

"Cycling NSW's thoughts are with Stephen's family and his friends during this difficult time."

Cycling Australia also issued a statement following news of Wooldridge's death.

"Cycling Australia and the cycling community are deeply saddened to hear of the death of Stephen Wooldridge OAM, Olympic gold medallist, world champion and former Cycling Australia Board member," the organisation said.

A number of tributes have been paid to Wooldridge.

Phill Bates, the President of the St George Cycling Club for which Wooldridge began racing at the age of 12, wrote in Ride Media: "In our sport of cycling, you see some conquer with lesser effort than others.

“Then you witness those that continue to work harder and reach even greater heights.

"Tragically today he gave his life away leaving behind a son and daughter, family and friends just short of his 40th birthday.

"Steve achieved many cycling accolades, NSW Hall of Fame but also a degree in engineering and was playing a pivotal role at the University of New South Wales.

“His infectious smile, gentleman attitude on and off the bike made him a very special person.

"We are better for knowing him and worse off for losing him."

John Coates, the Australian Olympic Committee President, commented: "Stephen was an exceptional cyclist and Olympic Champion who will forever be remembered.

"He was always very giving of his time to the Olympic movement, helping out with fundraising efforts whenever he could for the Australian Olympic Team over the years.

"Our deepest condolences are with his family, friends and all of those impacted by Stephen's passing."

Wooldridge, who also won gold at the 2002 Commonwealth Games in Manchester, is being remembered for his efforts in supporting young cyclists.

Veteran cycling journalist Rupert Guinness said Wooldridge was one of the nicest people he had met when covering the sport.

"He was a champion cyclist but I always thought of him as a champion person and that's about a guy who won four world titles and an Olympic gold medal," said Guinness.

"I really got to know Steve better in his years after his career when I would see him at a sport or social function.

"He was definitely not a chest beater and a medal waver. He was just a down to earth and such an honourable, decent human being.”