The tragic discovery was made at the Greyfriars footbridge, more than two weeks after the 21-year-old was last seen.
A team from West Mercia Search and Rescue found the body on Friday afternoon.
West Mercia Police said: "A body was recovered from the River Severn in Shrewsbury yesterday. Formal identification has yet to take place however Nathan’s family have been informed."
We can confirm that a body was recovered from the River Severn in Shrewsbury yesterday while searching for 21-year-old missing man Nathan Fleetwood, who was last seen on Sunday 27 March.— West Mercia Police (@WMerciaPolice) April 16, 2022
Formal identification has yet to take place however Nathan’s family have been informed. pic.twitter.com/wgy5a3NCEs
A spokesman for the search and rescue team who recovered the body sent condolences to Nathan's family and friends.
"We would like to report some very sad news. During the recent search for Nathan Fleetwood, the team located a body. We were able to perform a dignified recovery.
"The team wishes to send its condolences to the family and friends of Nathan at this very difficult time."
The Greyfriars Bridge connects Shrewsbury Town Centre and The Quarry with Coleham.
Mr Fleetwood was last seen in the early hours of Sunday, March 27, having been out in Shrewsbury that night.
Emergency services and members of the public turned out time and time again in the following weeks to help search the river for him.
Hundreds of people, from those who knew the 21-year-old and his family to complete strangers, took part in searches along the river as police appealed for witnesses who may have seen the young man or who had CCTV in the Kingsland area where he was last seen, having crossed the Kingsland Bridge.
In a message on the Facebook group, Help Find Missing Nathan Fleetwood, his family wrote: “Us as a family needs time, some space, on trying to come to terms with our loss. Everyone that has helped, kind words given, amazing support that has been there, we will forever be eternally grateful to each and every one of you."
Parents Ges and Carol and sister, Hannah, took part in the community searches for their son and brother.
The post on the Facebook group announcing the news said: "It’s with a heavy heart that we have to break the news that Nathan has sadly been found in the river under the Greyfriars Bridge earlier this afternoon.
"We just wanted to take this time to thank every single person from the first 24 hours up until today... The progress we made as you all know is out of this world and it wasn’t for no reason at all.
"If this has taught you anything it is that we can all pull together as a community plus everyone outside of that circle and help when a family or anyone is in need and that the world can be a kind and better place.
"Please don’t ever take your loved ones for granted, you don’t know what is ever round the corner."