Members of the public found the body, believed to be Duncan Hill, while hunting in dense bush in the Ōtaki Gorge area, police say.
Hill was last seen at his Waihoanga Road home in Ōtaki on 5 October.
The discovery occurred on Monday.
The death was not being treated as suspicious, Manawatū area investigations manager Detective Senior Sergeant Dave Thompson said.
Once police were alerted, members of Manawatū Police and Search and Rescue travelled to the scene at the Eastern Park of Otaki Gorge.
A formal identification process has begun.
"While the formal identification process is yet to be completed, it's thought that the body is that of missing person Duncan Hill, who was reported missing in October 2023," Thompson said.
He added that the Hill family had been informed.
Officers were working with various experts and the Coroner's office to complete the identification as quickly as possible.
Police were conducting inquiries on behalf of the Coroner.
Thompson offered his condolences to Hill's family and friends.