The 28-year-old Argentina-born forward had been en route from Nantes in western France with pilot David Ibbotson to make his debut for Welsh football team Cardiff City when the plane is believed to have crashed into the sea on January 21.
The wreckage was found on Sunday (local time) following a privately-funded underwater search which began after two seat cushions were discovered on the French coast that likely belonged to the aircraft.
"Wreckage of the plane carrying Emiliano Sala and piloted by David Ibbotson was located early this morning," marine scientist David Mearns, who directed the search, said on Twitter.
Britain's Air Accidents Investigation Branch (AAIB) said in a statement the object found was wreckage from the missing Piper Malibu plane.
"Tragically, in video footage from the ROV, one occupant is visible amidst the wreckage. The AAIB is now considering the next steps, in consultation with the families of the pilot and passenger, and the police."
The AAIB said it had now concluded it was the missing Piper Malibu aircraft, issuing an underwater image of the crashed plane with part of its registration number - N264DB - clearly visible.
"The image shows the rear left side of the fuselage including part of the aircraft registration," the AAIB said. "We intend to publish an interim report within one month of the accident occurring."
The families of Emiliano Sala and David Ibbotson have been notified by police.
