Speed was found dead at his home on Sunday morning after hanging himself, according to a spokesman from Cheshire Police.
"The Football Association of Wales are sad to announce the death of the national team manager Gary Speed," read a statement from the Football Association of Wales.
"We extend our sympathies and condolences to the family. We ask that everyone respects the family's privacy at this very sad time."
Speed, who earned 85 caps for his country, started his career with Leeds and went on to make 248 appearances for the Yorkshire club, winning the then First Divison title in 1992.
He left Leeds for Everton in 1996 before joining Newcastle in 1998, where he was twice an FA Cup runner-up, and moving on to Bolton six years later.
Speed finished his playing career with Sheffield United before taking up a managerial role with the Blades in 2010.
He took charge of Wales in December that year following the departure of John Toshack and was responsible for reviving the fortunes of the national side.
Wales had their lowest ever FIFA ranking of 117th in September this year but are currently 50th after Speed engineered the first three consecutive victories for the side since 2008.
Speed, who was awarded the MBE in the 2010 Birthday Honours for his services to football, leaves a wife and two children.
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