Dean Rees was with his friend on Thursday afternoon when he died of cancer on the Gold Coast aged 55.

He had been invited up by Woods' wife Megan late last week, with the former Wangaratta bike store owner entering palliative care on Tuesday.

"He didn't want to leave his family, he was a great family man," Cr Rees said.

"His wife Megan and his oldest daughter Paris and two other daughters Kennedy and Devon are really thankful for the support from the city of Wangaratta.

"He was a super hero in his bike career and a super hero as a family man."

Woods had lived at Surfers Paradise in recent years after having put Wangaratta in the international cycling spotlight with his feats.

Fellow 1984 Olympian and Wangaratta son Glenn Clarke was devastated at losing a mate he first met in the mid-1970s when they both rode in Sunday events for the Wangaratta Cycling Club.

"It's a great tragedy, he's gone too soon," Clarke said.

"It's not fair, it wasn't in my script and it definitely wasn't in his script but he's at peace now and he fought right to the end."

Clarke and Woods progressed through the ranks of country, state and national cycling events to be part of the Olympic team for the Los Angeles Games of 1984.

They trained by doing return rides from Wangaratta to Gapsted and were both in contention for the four-man teams pursuit with Woods selected and winning gold at 18, while Clarke was fifth in the 50-kilometre points score event.

"We had many good times in racing and competition and we were good mates off the bike," Clarke said.

"I will just remember him as a person who was very competitive, very outgoing, very ebullient with his conversation.

"He was very grounded and very family oriented with three lovely kids.

"They were his spine and backbone after he retired from cycling."

Cr Rees said Woods had initially been diagnosed with tongue and throat cancer and had undergone treatment before succumbing to cancer of the liver.

Despite discomfort Woods rode his bike only a couple of weeks ago and had pedalled from Surfers Paradise to Coolangatta and return when he was in remission last July.

Cr Rees said Woods did not want fanfare and would prefer to be known as a great father.

"He was just a really nice guy, he wasn't a loud mouth, he wasn't showy," Cr Rees said.

"If you didn't know he was an Olympic champion, he wouldn't tell you."

Woods ran Wangaratta's Jag Bar in addition to his cycling store and carrying the Olympic flame in 2000 and Commonwealth Games baton in 2006 and 2018.

He also sought National Party preselection to stand in the Victorian seat of Murray Valley in 2009, losing to the current member for Ovens Valley Tim McCurdy.

"He certainly put Wangaratta on the map," Mr McCurdy said on Thursday.

"When you talk to people about which electorate you represent you have people say 'that's where Dean Woods came from'."

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