The Scotsman announced his retirement from professional cycling today as Britain's most successful Olympian.
"Throughout his remarkable career, Sir Chris Hoy has exemplified the values that define an Olympic champion," said Coe.
"His pursuit of excellence has been tireless. His respect for opponents, and commitment to clean competition, has been unwavering.
"And his dignity in victory has set an example that generations of Team GB athletes will strive to emulate."
Hoy has six Olympic medals to his name.