Tasmanian police say a body found at Ellendale is believed to be the victim of floods that swept through the Derwent Valley almost two years ago.

Trevor Foster, 81, was swept out of his yard in central Ouse on June 6, 2016 when he went to check on livestock.

An extensive land, water and air search on the day and in the weeks after his disappearance failed to find any sign of him.

Missing Tasmanian man Tony Foster. Photo: ABC/supplied

A local farmer found the body on the banks of the Meadowbank lake about 5pm Wednesday.

Acting Inspector Adrian Leary said road works in the area had drained water from the lake, revealing the body.

“They’ve been doing some road works near the area and the lake was significantly drained due to road works being conducted there and subsequently the body was located,” he said.

Meadowbanks is about 20 kilometres from Ouse, where Mr Foster went missing.

Inspector Leary said he was not surprised the body had travelled so far.

“Being there on the day and having seen the flow of the water on the day, ” Inspector Leary said.

“It was an horrendous flood and certainly only a once in a generational flood water I believe.

“It is a large catchment area below there in the Meadowbank area – checks were conducted in the area and searches were extensive in that area but due to the amount of water it obviously wasn’t possible to locate him at the time.”

Mr Foster’s family has been informed of the discovery but police said they are yet to confirm the identity.

“It is a long time for someone to be missing – certainly it a relief for the family,” Inspector Leary said.

“We haven’t confirmed the identity of the body yet we’re still waiting on forensic analysis but we believe from clothing work by the body and also by the missing person that it may well be the same person.”

A report has been prepared for the Coroner.

-ABC