He was 64.
Khale, a resident of Dadar in Central Mumbai met with an accident near Mankhurd last Sunday when he was on cycling to Khopoli.
The cyclist, who was injured in the suspected hit-and-run case and was battling for life in the Bombay Hospital, breathed his last tonight, his family members told PTI.
Khale, won several medals for cycle-riding in state and national-level championships, his friend said.
He used to participate in the Giro d'Italia, an annual multiple-stage bicycle race primarily held in Italy and covered several countries in 5-6 days, he said.
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Khale had broken his collar bone during the selection trials for 1982 Asian Games in New Delhi, the friend added.
He was also the recipient of the Shiv Chhatrapati award.
Khale's family and friends have demanded a thorough probe so as to ascertain how the accident took place.