The Football Association of Wales (FAW) has told the BBC it appears Speed, the national manager for nearly a year, killed himself.
Cheshire Police confirmed he was found dead at 07:08 GMT at his home in Huntington, Chester. They said there were no suspicious circumstances.
Former Wales team mate Ryan Giggs said: "Words cannot begin to describe how sad I feel at hearing this awful news."
He said: "Our thoughts are with his family at what must be a very difficult time for them.
The FAW said: "We extend our sympathies and condolences to the family.
"We ask that everyone respects the family's privacy at this very sad time."
The FAW added: "That this tragedy should have overtaken someone so young and talented is a huge loss not only for his family and friends but a nation as a whole."
Speed, who was awarded the MBE in the 2010 Birthday Honours, leaves a wife and two children.
Phil Pritchard, FAW president, said they would do "whatever we can" to help Speed's family.
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