The 25-year-old died from severe head injuries, the Italian winter sports association announces.
Franzoso crashed during preseason training in Chile on Saturday and was taken to a hospital in Santiago.
But Franzoso did not survive the severe head injuries.
Franzoso won a super-G competition in the European Cup in 2021 and competed on and off at the World Cup level without placing among the 20 best.
It's a tragedy for his family and our sport. It's absolutely necessary to do everything to prevent such accidents from happening again, says Flavio Roda, chairman of the Italian winter sports association, according to AP.
Less than a year ago, another Italian alpine skier, Matilde Lorenzi, died after also crashing during training.