A man's body has been found during the search for a swimmer missing in Lake Wanaka.

The Police National Dive Squad found the body at 3.30pm on Saturday, not far from where the swimmer went missing.

The man had been on Stevensons Island before swimming out to retrieve a drifting boat, but got into trouble about midday on Friday. Another person swam out but couldn't find him.

Police expect to name the man on Sunday.

The death will be referred to the Coroner.