Authorities responded to the intersection of White Oak Avenue and Valerio Street at 6:06 a.m. The pedestrian was declared dead at the scene.
The victim was crossing the street using a walker when the suspect's vehicle went around other vehicles and slammed into the victim, police said.
"After the impact, that pedestrian was launched across the intersection," said LAPD Det. Bill Bustos. "We know that the driver did not stop, continued to drive northbound at a high rate of speed."
Bustos said the vehicle is believed to be a black 2000-2006 Nissan 300ZX. The vehicle likely has damage to the front end as well as to the windshield.
The victim was identified as 83-year-old Asghar Abbassi. His family said he was a husband, a father to six kids, a grandfather and great-grandfather. He had not had a chance to meet his newest grandchild.
Police said this is the third hit-and-run fatality in the San Fernando Valley in the last week.
Anyone with information related to the case is urged to call the LAPD at (877) LAPD-24-7.