Lancashire Police were called to the Leeds Liverpool Canal, near the Asda superstore, in Grimshaw Park, Blackburn at around 5.30am this morning.
Police were alerted to the body after it was discovered by a member of the public walking along the canal towpath.
The cause of the man's death has not been established.
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"Enquiries are on-going."
Grimshaw Park remains open to traffic, but the steps down to the canal have been cordoned off by police.
More to follow...