Officers from North Wales Police were alerted just before 12pm on Sunday to the discovery near the aqueduct and the area was cordoned off after emergency services were sent to the scene.
West Mercia Police has since said they believe the body to be that of Kevin Fleckney, from Oswestry, who was reported missing on Friday.
A statement from West Mercia Police said: "We can confirm that at around 12pm on Sunday, January 10 the body of a man was recovered from the canal in Chirk.
"The body is believed to be that of Kevin Fleckney, aged 57, who was reported missing on Friday, January 8, however formal identification has not yet taken place.
"Our thoughts are with his family at this difficult time."