"We have done everything possible to save him but he never regained consciousness," doctor Leonardo Paloscia told reporters.
Another doctor at the Pescara hospital said the 25-year-old, a former Italy under-21 international who was at Udinese until January, was dead on arrival at hospital.
Serie A said in a statement that the federation had postponed all the weekend's professional matches.
Morosini, born in Bergamo and a former player with the city's Atalanta team, fell to the ground with no one around him in the 31st minute.
"There is huge grief. It leaves an enormous hole," he told Inter's website from Udine where their late game with Udinese never started.
At first Milan said there would be a minute's silence but then the public announcer told the crowd the game would be postponed along with all other Serie A matches this weekend.
The Italian Olympic Committee (CONI), which confirmed Morosini had suffered a cardiac arrest, announced in a statement that all other sporting events taking place this weekend would hold a minute's silence.
The issue of football players' health has long been in focus across the game with extra medical and heart checks being brought in throughout many leagues.
Marc-Vivien Foe collapsed during Cameroon's 1-0 victory against Colombia in a Confederations Cup match in June 2003 in Lyon, France and died shortly afterwards aged 26.
In the wake of Bolton's Muamba suffering a cardiac arrest while playing at Tottenham Hotspur in an FA Cup quarter-final on March 17, Manchester City manager Roberto Mancini - an Italian - said English medicals were not as good as in his homeland.
Muamba too fell to the ground with no one near him and doctors later said he had been "in effect dead" for 78 minutes while his heart did not beat on its own. He was revived and has gone on
