James (35), a former Padiham Clitheroe and Chorley FC footballer, was last seen in Oswaldtwistle around midnight on Wednesday.
Following extensive police enquiries a body was found in the Moscow Mill Street area around 2-25pm today.
While the body has yet to be formally identified, it is believed to be James.
A police spokesman said: "His family have been informed and our thoughts are with them at this time.
"The death is not being treated as suspicious and a post-mortem examination will take place in due course.
"We would like to thank everyone who assisted during the search for James."