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While the identity is yet to be confirmed, police believe it is the 50-year-old who, has been missing since November 1.
Sergeant Derek Ealson, of Alexandra, said the body was found about 1.5km from the Roxburgh Dam.
Mr Hammond left his Henderson Dr home in Alexandra about 7.30am on November 1 in his work vehicle, a 1999 white/silver Mitsubishi Challenger 4WD with ‘‘RockGas’’ on the side.
The vehicle was found in the car park underneath the Clyde Bridge, at the start of the Clyde-Alexandra track, about 3pm that afternoon.
It sparked a large-scale search including the police dive squad concentrating their efforts on the stretch of the Clutha River between the Clyde Dam and the Clyde Bridge.
Sgt Ealson thanked all those involved in many searchers for Mr Hammond over the past few weeks and extended sympathies to his loved ones.