The body was found fully-clothed
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All three emergency services were called to the banks of the Severn at Longney in Gloucestershire on Monday, after reports a body had been found.
The police helicopter and the coastguard from Sharpness helped recover the man's body from mud flats.
The fully-clothed body was found about 50 metres from the riverbank.
Police are working to establish the man's identity: he is aged about 40, white, about 5 ft 8 ins with straight, greying or mousey hair.
He was wearing a green puffa top and black jeans.
Inspector John Dauncey told the BBC: "He had black shoes with silver buckles. In his pockets we found three keys on a ring."
Officers have tried to match the man's fingerprints with those on their missing persons' lists.