The Piper Malibu N264DB was lost on 21 January on its way from Nantes, France, to Cardiff, with the Argentine striker and pilot David Ibbotson on board.
Accident investigators are expected to send a submersible to inspect the wreckage later on Monday.
David Mearns, who led a privately-funded search for the aircraft, said it was located off Guernsey on Sunday.
He said: "All I will say is that there is a substantial amount of wreckage on the seabed."
Speaking on Radio 4's Today programme on Monday morning, Mr Mearns said: "We located the wreckage of the plane on the seabed at a depth of about 63m within the first couple of hours [of searching]."
He said the plane was identified by sonar, before a submersible with cameras was sent underwater and was able to confirm it was the plane.
"They saw the registration number and the biggest surprise is that most of the plane is there," he added.
Mr Mearns's private search has now been stood down and the Air Accident Investigation Branch (AAIB) is at the site working to recover the plane. SO SAD!
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