Rincon was driving a car which collided with a bus in the Colombia capital Cali on Monday.
Rincon suffered severe brain injuries in the crash and he could not survive.
He was part of the Colombia sides that qualified for three straight FIFA World Cups in the 1990's and also captained Brazilian side Corinthians to FIFA World Club championship glory in 2000.
Rincon also played for the likes of Palmeiras, Napoli, Santos and Cruzeiro.
'Despite all the efforts of our teams, Freddy Eusebio Rincon Valencia has passed away,' Laureano Quintero, the medical director of the Imbanaco Clinic in Cali where Rincon was being treated, told reporters.
A statement released by the Colombian FA to mark the former player's passing read: 'The Colombian Football Federation deeply regrets the death of Freddy Eusebio Rincon Valencia, and sends a message of support and encouragement to his family, friends and relatives at this difficult time.
'This constitutes a great loss for his family and friends, and it is also an unfortunate departure for our sport, where we will miss him and remember him with great affection, appreciation, respect and admiration.
'We send strength, support and our condolences to his family, hoping they can bear this sad and painful loss.'
