Media reports are citing sources that say Prentice was on board the small jet that went down Thursday night after taking off from the Kelowna airport.
The plane was en route to the Springbank airport, outside Calgary.
The Transportation Safety Board says all four people on board died.
Prentice, 60, also a former federal cabinet minister, quit politics last May after the Alberta NDP swept the Progressive Conservatives from power.
A team of investigators from the transportation board was on its way to the scene of the crash northeast of Winfield, about 18 kilometres north of Kelowna.
Board spokesman Bill Yearwood said the Cessna Citation aircraft crashed about 10:30 p.m. Thursday.
He did not have information about the people on board the plane, or what might have caused it to crash.
RCMP Cpl. Dan Moskaluk said police were alerted when the private business-style jet lost radar contact and officers are secured the scene.
“Investigators located the crash site approximately four kilometres into a heavily wooded area east of Lake Country,” Moskaluk said in a news release.
“We are organizing a team to deploy to the accident site.”