Andrew 'Bart' Simpson, 36, won gold at the 2008 Beijing Olympics and silver in last year's Games in London, both in the Star class.
Born in Chertsey, Surrey, he started sailing at the age of six with his father in Christchurch, Dorset, according to Tyler Sports Management.
Nicknamed Bart, he was awarded an MBE in the 2009 New Year Honours list.
A Foreign Office spokesman said it was aware of reports of the death of a British citizen and had contacted its counterparts in the United States.
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The boy was reportedly only discovered missing when the bus returned to the school and the boy's mum was waiting for him.