“Given the cloud that hangs over our association this is clearly not the time for the global athletics family to be gathering in celebration of our sport,” IAAF president Sebastian Coe said in a statement.
The annual black-tie event, which honours the world's top athletes, had been scheduled for Nov. 28.
"We will rightly still honour the outstanding achievements of the sport’s athletes," Coe said.
"Therefore the Athlete of the Year and other annual honours will still be awarded and will be promoted and announced on the internet and social media.
"The IAAF will seek a suitable occasion in the future for the presentation of these awards to be made to the winners.”
The gala is held under the auspices of the International Athletics Foundation, a charity whose honorary president is Prince Albert II of Monaco. Diack remains listed as the foundation's president.
Jamaican sprint champion Usain Bolt, British runner Mo Farah and Dutch sprinter Dafne Schippers are among those nominated for athlete of the year honours.
Diack is alleged to have received over 1 million euros ($1.09 million) in bribes in 2011 to cover up positive doping tests of Russian athletes, the office of France's financial prosecutor said.
The 82-year-old Senegalese was placed under formal investigation in France this week and questioned by authorities before being released on bail of 500,000 euros and banned from leaving the country.
He served as president of the IAAF from 1999 until August this year when he was succeeded by Briton Sebastian Coe.
Diack's family has dismissed what they called the "excessive and insignificant accusations".
The French investigation followed a complaint by the World Anti-Doping Agency (WADA), which has scheduled a news conference for Monday to address findings of its own probe.
WADA launched a commission to investigate allegations raised during German broadcaster ARD's December 2014 documentary on doping in Russia.
The acting head of the Russian athletics federation (VFLA) said his country had nothing to fear from the latest scandal to rock world athletics.
"We have not received one question from any organisation. Therefore, this case does not involve the VFLA in any way at the moment," Vadim Zelichenok told Reuters.
(Reporting by Gene Cherry in Raleigh, North Carolina, editing by Ed Osmond)
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