A maritime salvage launch plucked the body out of the sea and transferred it to the yacht club in Arenal.
It is thought that the body is that of a 70-year-old Bulgarian who disappeared from the ferry he was travelling on between Barcelona and Palma, last Friday.
The body was spotted by a recreational vessel, the captain of which immediately contacted the 112 emergency centre.
The Guardia Civil's Rio Cervantes maritime patrol, vessel also attended the scene.
An autopsy is expected to be carried out today and this, the authorities hope, will reveal the identity of the 70-year-old.