Camacho suffered cardiac arrest after the shooting and is on life support. Doctors and his family were expected to decide whether to remove him from life support.
The 50-year-old was shot Tuesday night as he sat in a car outside a bar. Another man in the car, 49-year-old Adrian Mojica Moreno, was killed. Police said two assailants fled the scene in an SUV. The motive for the shooting remains unknown.
Camacho won super lightweight, lightweight and junior welterweight world titles in the 1980s. The fighter's last title bout came against then-welterweight champion Oscar De La Hoya in 1997, a loss by unanimous decision. He last fought in May 2010, losing to Saul Duran.
The Associated Press contributed to this report.