Track legend Ron Clarke is being remembered as the best Australian athlete never to win Olympic gold, after his death on the Gold Coast.

The man who set 17 official world records in middle and distance running, and who famously lit the Olympic cauldron at 1956 Melbourne games, died early Wednesday.

The 78-year-old, who served as Gold Coast mayor for eight years after his running career ended, died after a short illness.

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Long-time sports commentator Peter Meares said Clarke was the best in the world for many years, but never managed to bring home his own Olympic gold.

The world expected him to do that at the 1968 Games, but he failed to cope with the altitude in Mexico City.

During the gruelling 10,000m final, and despite his supremacy in the event, he collapsed in the thin air and had to be resuscitated by the Australian team doctor.

Mr Meares says Clarke used to laugh off his un-attained Olympic dreams.

“But I think deep down he knew that he was the best because he broke so many world records,” the commentator told the ABC.

“He could win everything from a mile up to 10,000m, or even longer, and he was just a machine. He used to run against the clock. That was the thing about Ron Clarke as opposed to some athletes who just run against their rivals, to beat them.”

Such was the respect Clarke commanded among his fellow athletes was that one of them, after Clarke’s collapse in Mexico, gave the Australian his own Olympic gold.

Czech great Emil Zatopek, who the 10,000m at 1952 Helsinki Games, slipped the medal to him in a package at Prague airport, telling him: “Look after this. You deserve it.”

Very sad, RIP my inspiration, the greatest front runner on & off the track #RonClarke

— Rob de Castella (@deek207) June 17, 2015

RIP Ron Clarke. Champion.

— Matt Shirvington (@mattshirvington) June 16, 2015

Tributes have begun to flow for the runner, who later turned to a successful career in local government and business.

Champion Olympic hurdler Sally Pearson, who also lives on the Gold Coast, tweeted: “Ron Clarke .. star on the track, a great man off the track. Athletics has lost a true statesman. RIP Ron.”

Australian Olympic middle distance runner Tamsyn Lewis Manou tweeted: “Very sad news to hear of the passing of 1 of the greats of the athletics family. RIP Ron Clarke. Thoughts with Helen”

Champion Australian paralympian Kurt Fearnley also tweeted that “Getting to know Ron Clarke through the Gold Coast Com Games bid was a highlight. A legend of our sport & a genuine gentleman. #rip.”

Athletics Australia also marked his passing.

“Very sad news this morning, with the passing of @AthsAust Hall of Fame inductee Ron Clarke. A legend of our sport.”

The Gold Coast City Council said Clarke would be remembered for his contribution to sport, but also for the eight years he spent guiding the development of the city.

-AAP