The 20-year-old Toronto native played for the OHL team for several seasons. He went missing earlier this month.
His green GMC Sierra was found Tuesday afternoon in the parking lot of a Wal-Mart store in Saginaw Township, Mich., about 140 kilometres northwest of Detroit.
Michigan State Police earlier confirmed to CBC News that a body was found inside, but could not confirm the identity. Police at 12 Division in Toronto confirmed the vehicle belonged to Trafford.
"Our deepest condolences are with Terry’s family and his friends both in Ontario and Michigan," the team said in a statement on its website.
Trafford was reportedly last was seen about 9:30 a.m. on March 3 at the Dow Event Centre, the home arena for the Saginaw Spirit.
Team president Craig Goslin said Trafford was sent home prior to his disappearance "for a violation of rules," but that Trafford, who played centre, wasn't permanently cut from the team.
League cancels game
At one point in the search, police said they believed Trafford might have left the state to return to his hometown of Toronto.
OHL commissioner David Branch issued a statement expressing condolences to Trafford's family and friends, saying it's "a tragic situation for all involved."
He thanked police for their efforts, and said the league will co-operate with any investigations into Trafford's death.
The league said Wednesday's game between the Spirit and the Sault Ste. Marie Greyhounds has been postponed, and will be rescheduled at a later date.