Police say 48-year-old Meaza Brown was walking to work with some coworkers near Drexel University's campus when she was struck.
It happened around 4:30 a.m. on Thursday in the 3300 block of Market Street.
Police say a Chrysler 300, which is believed to be the vehicle involved in the fatal crash, was recovered at 34th and Race Street, before being towed to an impound lot in Hunting Park.
However, the driver has not been located, according to police.
According to the preliminary investigation, the vehicle was traveling eastbound on Market Street at a high rate of speed when the driver allegedly blew through red light and struck Brown, who was crossing within the crosswalk.
Witnesses were crossing alongside the victim when the impact occurred, according to police.
The collision launched the victim several hundred feet down Market Street before the driver fled the scene, continuing eastbound, police said.
Brown was rushed to Penn Presbyterian Hospital, where she was pronounced dead.