The Air Accidents Investigation Branch (AAIB) are attempting to recover the body found in the wreckage of the light aircraft that carried Emiliano Sala and David Ibbotson.
A search using a remotely operated vehicle (ROV) located the plane on the seabed off Guernsey on Sunday.
"Tragically, in video footage from the ROV, one occupant is visible amidst the wreckage," a statement from AAIB read.
Following consultation with the families of Cardiff City striker Sala and pilot Ibbotson and police, it has been decided a recovery operation will be carried out.
A spokesperson for AAIB said: "We are attempting to recover the body. If we are successful, we will consider the feasibility of recovering the aircraft wreckage.
"Strong tidal conditions mean we can only use the remotely operated vehicle (ROV) for limited periods each day and this will mean that progress is slow.
"Regardless of the results, we will not be making a further statement until the families have been informed."
The Piper Malibu plane went missing over the English Channel on January 21, with Sala travelling to back to Cardiff after completing a club-record move from Ligue 1 club Nantes.
An initial search and rescue effort was called off by Guernsey Police after three days on January 24.
Guernsey harbourmaster Captain David Barker called their chances of survival "extremely remote", but a number of high-profile football figures and members of the public answered the family's calls to fund a private search operation.
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