Fredericks, 50, was accused of accepting a bribe of $299,300 from the son of ex-IAAF president Lamine Diack when Rio won the vote to host the 2016 Olympics.
Fredericks was provisionally suspended from the IAAF in July, when the organisation’s Athletic Integrity Unit opened an investigation into the matter.
“Considering the gravity and urgency of the situation and its impact on the reputation of the IOC, the IOC executive board decides to suspend Mr Frank Fredericks from all the rights, prerogatives and functions deriving from his quality as an IOC member,” noted a statement from the IOC on Tuesday.
Fredericks won Olympic silver medals in the 100m and 200m at both Barcelona 1992 and Atlanta 1996. He also won gold in the 200m at the World Championships in 1993.