Italy’s alpine rescue service have been searching for almost a week for Aziz Ziriat, 36, and Sam Harris, 35, who have not been seen or heard from since January 1.
The British hikers also did not check in for their flight home on January 6.
Their last known location was near a mountain hut called Casina Dosson, close to the town of Tione Di Trento, near Riva Del Garda on Lake Garda.
A spokesperson for Italy’s National Alpine Cliff and Cave Rescue Corps (CNSAS) said ground teams had found a body in the area of Passo di Conca “sadly deceased, buried under the snow”.
The rescue teams had been searching the area after tracking a “phone of one of the two mountaineers”.
An investigation is under way into the circumstances of the incident, the spokesperson said.
The CNSAS said the search would continue and the families of both men had been informed.
The Palace for Life Foundation, which has been a vital part of the south London community for over 30 years, posted photographs of the two men on its social media appeal, including one of Sam on snow-covered terrain wearing a grey top, dark trousers, a coat, and glasses.
Joe Stone, a university friend of Mr Ziriat, previously told the PA news agency that the pair were “experienced hikers” who liked to go off the grid, but “alarm bells were raised” when they failed to check in for their return flight.
Before the body was found, he said friends and family were “waiting anxiously” for news in the search and that “the next few hours (would) be crucial”.