The US bodybuilder shot to fame alongside Austrian-American Schwarzenegger, when they both starred in the 1970s cult docudrama Pumping Iron.

He passed away on January 1 after suffering an aneurysm on December 25.

"As you all know, I'm obsessed with inspiring today's best bodybuilders to step up their posing," 71-year-old Schwarzenegger said in a post on Reddit.

"I hope some of them will take this opportunity to watch Ed's old routines and try to emulate him.

"I just spoke to the Lorimers [promoters Jim and Bob] and asked them to rename our best poser award at the Arnold Classic the Ed Corney Best Posing Award."

Corney appeared on the cover of the book "Pumping Iron" in the 1970s which was then turned into a film also starring Schwarzenegger in 1977.

He is perhaps best known for the film's iconic scene at Gold's Gym in Venice Beach, California, when Schwarzenegger and Corney are doing sets of squats together.

In it, now seven-time Mr Olympia Schwarzenegger tells Corney to "get serious" as he struggles to complete a set.

On managing his final two reps, the American collapses to the floor in exhaustion.

Schwarzenegger's tribute refers to Corney's nickname as the "master poser" which he gained for his regular outstanding routines in competition.  

He briefly retired from the sport in 1989, but then returned to competition from 1994 to 1998, when he finished by taking part in the Arnold Classic, named after his friend Schwarzenegger.

In 1999 he suffered a heart attack during shoulder surgery and then had two strokes, meaning he was confined to a wheelchair for some time.

Corney slowly fought his way back to health and continued visiting the gym right up until his death.

He was inducted into the IFBB's Hall of Fame in 2004.