The Olympic gold medallist explained that he would love to meet the Gossip Girl actress in the near future.
"I have a huge crush on Blake Lively. She's drop-dead gorgeous," Lochte told People at New York's Ainsworth Park at the Windsor Custom Clothes Fashion's Night Out event.
"I haven't met her yet. If I do, I'd definitely be starstruck. She makes my toes curl."
He joked that he would instantly change his strict diet plan if she wanted him to, saying: "For her, I would totally cheat [on my diet].
"I love homemade food, but I do have to keep to my regimen because I'm still training for the 2016 Olympics."
On what type of women he likes, he added: "I like girls who are confident enough to wear sexy dresses and have a wild night out and [then] be the complete opposite and be able to chill and wear shorts and a football jersey around the house.
"A woman wearing an oversized jersey - or especially a guy's button-down shirt with no pants - is by far the sexiest thing."
Lochte was recently linked to the starring role in the next season of The Bachelor.