Mr Balogun, who led the force from 2002 to 2005, died in Lagos on Thursday evening, according to a family source who said burial preparations had begun.
He was 74.
Born on August 25, 1947, Mr Balogun served for decades as a police officer and rose through the ranks to become the inspector-general.
His career was, however, defaced in 2005 when he was held on corruption charges by the Economic and Financial Crimes Commission. He was found guilty and served jail term until 2006.
Following his release from custody, he went into private security contracting.
He also lived the later parts of his life between his residence in Ikoyi, Lagos, and Dubai in the UAE.
Wife Ronke and seven children survived Mr Balogun, who hailed from Ila Orangun in Osun, where family sources said he would be buried on Saturday.