David Mearns, the marine scientist directing the search, made this disclosure on Sunday, NAN reports.
Sala was travelling from Nantes to the Welsh capital to join his team-mates when his plane went missing over the English Channel on January 21.
A privately-funded underwater search had begun on Sunday, several days after investigators said they found two seat cushions 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,” Mearns said on Twitter.
Mearns said Britain’s Air Accidents Investigation Branch (AAIB) had moved its vessel over the position his team had located to visually identify the plane using a remote-operated vehicle.
“The families of Emiliano Sala and David Ibbotson have been notified by police. The AAIB will be making a statement tomorrow.
“Tonight, our sole thoughts are with the families and friends of Emiliano and David,” Mearns added.