Arizona Search Track and Rescue and Find Me, two volunteer search and rescue groups, found the body Sunday morning in water north of Tempe Marketplace, The Arizona Republic, Phoenix, reported.
Tempe police said the body could be that of ASU freshman Jack Culolias, 19, who disappeared on Nov. 30 after attending a fraternity event.
"We don't know whether or not it's Jack," Tempe Police Department spokesman Sgt. Mike Pooley said. "There's a good chance it is. We just have to wait for the Medical Examiner's Office."
Pooley said the medical examiner is likely to identify the body on Monday or Tuesday.
Pooley said he hopes that if the body is confirmed to be Culolias', it will bring closure to his friends and family.
"Obviously, it's a very tragic situation," he said. "Our heart goes out to the family, our heart goes out to the friends, everybody that's here and everybody that's been watching."