Peter Ripley, 60, was last seen in the Swordale Road area of Bonar Bridge at about 21:00 on Sunday.
Police said they were concerned for Mr Ripley because he had gone missing without his daily medication.
The body is yet to be identified and Mr Ripley's next of kin have been notified of the discovery.
Coastguard helicopters, police, two mountain rescue teams and search dogs have been trying to trace Mr Ripley along with volunteer members of the public.
Searches of Bonar Bridge and the surrounding area have been carried out since Sunday night.
A body has been found during the search for a 60-year-old man who has been missing from his home since Sunday.