A French news agency reported that a boy's body was found by bathers in the water south of Porquerolles at around 5pm.
Toulon prosecutor Xavier Tarabeux told Agence France Presse (AFP): "The body matches that of the young boy who went missing on Saturday."
He said the physical appearance matched as well as the clothes.
The agency reported that the body was found by Langoustier bay to the south of the island, not far from where Pierre's bike was discovered.
More top news
Cricket stars, celebrities and fans have joined a social media campaign paying tribute to Phil Hughes by leaving their cricket bats out.
It will be a breezy, but still a rather cloudy day across the region with intermittent drizzle possible.
Remaining cloudy but with a freshening southeasterly breeze helping to clear much of the mist and hill fog.