The UK's Air Accidents Investigation Branch has said underwater video footage shows one occupant visible in the wreckage of the plane that was carrying Cardiff City footballer Emiliano Sala and pilot David Ibbotson.
The AAIB says it is now considering the next steps, in consultation with the families of the pilot and passenger, and the police.
The image issued by the AAIB shows the rear left side of the fuselage including part of the aircraft registration.
It says it intends to publish an interim report within one month of the date of the accident.
Mr Sala's father has spoken of his anguish and disbelief after wreckage of the plane carrying the missing Cardiff City footballer was discovered in the English Channel.
Speaking at his home in Argentina, Horacio Sala said he was "desperate" after a privately-funded search operation found the aircraft in waters north of Guernsey yesterday.
"I cannot believe it. This is a dream. A bad dream. I am desperate," Mr Sala told local broadcaster Cronica TV.
"I communicated with them every day, but since I do not have WhatsApp it's hard to call them or call me.
"They told me that the days passed and there was no news of Emiliano or the plane."
The Piper Malibu N264DB that had been carrying 28-year-old Sala and Mr Ibbotson, 59, disappeared over the English Channel on 21 January after leaving Nantes in France for Cardiff.
Two vessels, including one commissioned by the AAIB, using sonar had been taking part in a fresh search covering an area of around four square nautical miles.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences
Marine scientist David Mearns, the director of Blue Water Recoveries, led a team on the search vessel FPV Morven, while the AAIB also sent a team on board the Geo Ocean III.
Mr Mearns tweeted: "Wreckage of the plane carrying Emiliano Sala and piloted by David Ibbotson was located early this morning by the FPV MORVEN.
"As agreed with the AAIB they moved the GEO OCEAN III over the position we provided them to visually identify the plane by ROV.
"The families of Emiliano Sala and David Ibbotson have been notified by police."
The privately-funded operation on behalf of the Sala family was made possible after a campaign raised more than £260,000 to pay for it.
Speaking to Sky News, Mr Mearns said: "This is about the best result we could have hoped for the families.
"But tonight they have heard devastating news and in respect of the families I won't comment any further about what has happened."
Yesterday, Mr Mearns, who claims to have located more than 20 major shipwrecks during his career, said the AAIB had a "high confidence level" the plane would be in the search zone.
It has been an anxious and heartbreaking time for the Argentinian striker's family since his plane disappeared.
The plane had requested to descend before it lost contact with Jersey air traffic control.
An official search operation was called off on 24 January after Guernsey's harbour master Captain David Barker said the chances of survival following such a long period were "extremely remote".
Two seat cushions, which are likely to have come from the plane, were found last week.
The AAIB was advised by its French counterparts on Monday that part of a cushion was found on a beach near Surtainville on the Cotentin Peninsula. A second cushion was found in the same area later that day.
Cardiff had signed the footballer for a club record £15m and he was due to start training last month.
