According to the reports, the flight was transporting the team to Medellin airport in Colombia from Bolivia, when it disappeared off radar.
It was gathered that the plane was carrying 72 passengers from Chapecoense football team with nine other crew onboard. But it reportedly crashed due to lack of fuel at around 10.15pm local time.
However, fresh reports indicates that 25 dead have been reported dead but there are six survivors. But poor weather has meant that the crash site, in a mountainous area, is only accessible by land.
The team was due to play in the final against Medellin team Atletico Nacional but the final has now been suspended.
The first leg of the final of the cup, South America’s second most important club competition, was scheduled for Wednesday, but has now been suspended.
The South American Football Confederation (Conmebol) said it was suspending “all activities”.
Chapecoense has issued a brief statement saying: “May God be with our athletes, officials, journalists and other guests travelling with our delegation.”
It said it would refrain from any further statements until it had assessed the extent of the crash.
The team, from the southern city of Chapeco, was promoted to Brazil’s first division in 2014 and reached the final last week after a victory against Argentina’s San Lorenzo.
Reports further suggest that at least two members of the team – Alan Ruschel and Danilo – may have survived.
The sports network Telemundo Deportes tweeted (in Spanish) that Ruschel was in shock but conscious and talking, and asked to keep his wedding ring and to see his family.
Medellin’s Mayor Federico Gutierrez described it as “a tragedy of huge proportions”, but added it was possible there were survivors. Earlier in the day, the club posted a picture of the team after boarding the flight.