A race on this weekend's Makybe Diva Stakes program at Flemington will be named in honour of former trainer Russell Cameron, who has died aged 61.

Cameron died on Tuesday, having relinquished his trainer's licence last season because of the effects of Alzheimer's Disease.

A third-generation trainer, Cameron was first licensed to train in South Australia in 1989 before going on to train in Victoria, New Zealand and Macau.

Cameron trained in his own right at Flemington until June 2017 before entering into a partnership with his son Scott, who is continuing the family legacy.

He trained more than 600 winners including Group One horses Toledo, Bomber Bill, All Time High, St Clemens Belle and Apache King.

He famously won the Group Three Standish Handicap with Iglesia in 2001 when the horse was backed from $11 to start $3.50 favourite.

Iglesia won in track record time over the Flemington 1200m..

"Russell was a highly respected and valued member of the Victorian racing industry who enjoyed great success here and abroad," Racing Victoria chief executive Giles Thompson said.

Australian Trainers Association chief executive Andrew Nicholl said Cameron was "a great bloke" and a friend and respected peer to many.

"Russell was an astute horseman who presented his horses in great order and was known for his ability to execute a plunge on favoured stable runners," Nicholl said.

The Victoria Racing Club, which hosts racing at Flemington, said it would remember Cameron this Saturday, with the Vale Russell Cameron on the nine-race program which features the Group One Makybe Diva Stakes.

Cameron is survived by his wife Judy and sons Sean and Scott.