Palmer passed away at the age of 87 at the UPMC Presbyterian Hospital in Pittsburgh after reportedly undergoing heart tests.
The seven-time Major champion is widely regarded as one of the sport's greatest golfers following his dominance in the late 1950s and early 1960s.
Following the announcement of Palmer's death, president Obama tweeted a photo of the golfer giving him a lesson in the Oval Office of the White House, and added the message: "Here's to the King who was as extraordinary on the links as he was generous to others. Thanks for the memories, Arnold."
Here's to The King who was as extraordinary on the links as he was generous to others. Thanks for the memories, Arnold. pic.twitter.com/UlyfpIBOL2— President Obama (@POTUS) September 26, 2016
Fourteen-time Major winner Tiger Woods also paid tribute on social media by tweeting: "Thanks Arnold for your friendship, counsel and a lot of laughs. Your philanthropy and humility are part of your legend. It's hard to imagine golf without you or anyone more important to the game than the King."
Palmer won 90 tournaments during his career, including 62 PGA Tour victories.