Police initially responded to reports from members of the public of a body in the water at just before 16:30. Several units descended on the High Street area of Cowes to the rear of Admirals Court.
Cowes RNLI Lifeboat launched shortly after 16:35 to assist with the recovery and Coastguard Officers from Bembridge, Ventnor and The Needles were also tasked to the scene.
The volunteer lifeboat crew worked with HM Coastguard to recover the individual into the lifeboat before transferring to the shore at Trinity Landing.
A spokesperson for Hampshire Constabulary has said:
“Officers searching for missing Peter Arthur from Lee-on-the-Solent have this afternoon found a body.
“Formal identification has not yet taken place, but his family have been informed and are being supported by officers.
“The death is not being treated as suspicious and a file will be prepared for the coroner”.
Last night a large scale search was launched in the Solent region involving several lifeboats, helicopters and Coastguard Rescue Teams. The search and rescue teams were looking for 68-year-old Peter Arthur, who was last seen at his home in Lee-on-the-Solent at around 14:00 on Friday.