"Racked with pain, with a lump in our throats and unable to believe that this is true, from CD Tenerife we communicate the tragic passing of Jesus de Miguel Alameda," the club said.
"There are no words of comfort; there is absolutely nothing that can alleviate this feeling overflowing with sadness."
The match against FC Andorra was abandoned seven minutes into stoppage time after De Miguel collapsed following a collision with away goalkeeper Jesus Owono, who had rushed out of his area to clear a long ball and struck the striker in the chest with his knee.
Medical staff treated the player on the pitch for more than five minutes before he was taken to hospital by ambulance.
Football clubs across Spain, including Barcelona and Real Madrid, have led tributes following the news of the death.
"Our thoughts and support are with his family, friends and loved ones during these difficult times," Barcelona said in a statement.
Real Madrid also expressed their condolences, stating: "Real Madrid wishes to express its condolences and affection to his family, his teammates, his club, and all his loved ones."