It is believed to be the man who went missing while jetskiing on Christmas Day.
Police will be referring the matter to the coroner.
A rāhui has been placed over Port Waikato and surrounding areas until 8pm today by the people of Te Pūaha o Waikato.
It affects Sunset Beach and the Waikato River from Port Waikato to Kariotahi Beach.
Coastguard NZ earlier said: “Our thoughts are with the family and friends of the missing individual. We will continue to support police in the search over the coming days.
“A special acknowledgment to all our volunteers and staff who responded to this incident, as well as others across the motu this Christmas. Thank you for your sacrifice and dedication to helping others on the water.”