A schoolgirl rowing crew this morning discovered a body in the Waikato River, near to where New Zealand police have been searching for missing Melbourne tennis coach Paul Arber.

Arber, 38, was last seen early on Sunday, walking in and out of the river near Hamilton East, about 120 kilometres south of Auckland.

A member of the public called police at 7am today after seeing a man's body in the water near Fairfield Bridge, downstream from Hamilton East.

The Waikato Times understands the body was found by a school rowing crew.