Police are appealing for sightings of a Queenstown man who has not been seen since yesterday afternoon.
Alan Wilson, 63, was last seen about 2.30pm yesterday. At about 8pm he rang a friend in good spirits while working on his boat at the Frankton Marina.
The possible body was found using underwater camera gear.
The Police National Dive Squad will arrive in Queenstown tomorrow to carry out a search and recovery operation.
Mr Wilson was last seen wearing a grey polo shirt with a blue horizontal stripe, blue jeans and a black cap.
Sergeant Kate Pirovano earlier said police were making enquiries in the wider area to try and locate him.
"We also want to talk to anyone who may have seen his dinghy on the water since yesterday evening."
She said the dinghy Mr Wilson used to get to his boat had been located on the shoreline at Frankton Beach.