Seymour Road, near the junction with Lytham Road, was cordoned off after a body was found at approximately 2.10pm on Tuesday, March 8.
A large police presence was reported in the area while the body was retrieved by emergency services.
Although no formal identification has taken place, police believed it to be that of 39-year-old Bogdan Timofte.
A spokesman for Lancashire Police said: “His family have been made aware of the latest developments.
“His death is not being treated as suspicious and a file will be passed onto HM Coroner in due course.”
Detectives added his death was being treated as unexplained.
On Monday night (March 7), firefighters joined police in a search of the waterway to find Bogdan, who was last seen in the Villiers Court area that evening.
Penwortham fire station deployed its boat and water incident unit to the scene and the police dog unit was also brought in to help find the missing 39-year-old.
Firefighters in waterproof suits boarded the boat and steered it along the canal from Stocks Road, past Blackpool Road to the bridge at Woodplumpton Road, using torches to search gardens that back onto the water.
Police officers also searched the bank of the canal on foot, some with dogs, while ambulance crews followed close by.
The canal search was unsuccessful and the fire service was stood down at around 12.20pm and its boat pulled from the water.
Police said Bogdan’s disappearance was “worrying” and launched a public appeal to help find him on Tuesday morning.