Body found in Vic search for missing man

A body found in Melbourne's outer east could be that of a man who vanished in the same area on Saturday, police say.

In a statement released on Monday, police shared a tragic update in their search for the 39-year-old who went missing near the Yarra River during an outing with friends.

"Sadly the body of a man has been found as part of our search of the Yarra River in Warrandyte. The unidentified body is believed to be that of the man who went missing on Saturday. Police will prepare a report for the Coroner," Victoria Police said.

It follows an extensive search with local police and SES volunteers after he was reported missing.

Investigators were told the man was with friends at Taroona Reserve on Saturday when he walked down a path towards the river by himself about 3pm.

His concerned friends later tried to find him before contacting police.

The area is part of the Warrandyte State Park, with a popular walking track on one side of the river and dense bushland on the other.