Detectives announced the reward on Thursday as investigators continue searching for the driver who struck and killed Jose "Joey" Melesio on April 27.
The victim was visiting family in Los Angeles and planned to attend the Dodgers-Cubs series that weekend, according to relatives.
Police said Melesio was walking when he was struck by a vehicle traveling north at a high rate of speed. Investigators said the driver did not stop to render aid, making the case a felony hit-and-run.
Authorities described the suspect vehicle as a small, four-door sedan, possibly white, gray or silver.
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"It looks like it could be white, gray, light gray, silver in color, but not too much of that," LAPD Detective Ryan Moreno said. "We haven't gotten yet, on video, a shot of the driver yet; so we don't know nothing yet about the suspect."
Family members described Melesio as a devoted relative and urged the driver to come forward.
"Joey was such a great, loving man to all his nephews and nieces and to his cousins. We are pleading, please, por favor," Melesio's cousin Oscar Flores said.
Police are also asking auto body shops to contact investigators if anyone recently brought in a small four-door sedan with front-end damage. Tips can be provided anonymously by calling the LAPD.
The family has started a GoFundMe to help cover funeral expenses and bring Melesio's body back to Chicago.