The body of a man was recovered from the sea at Carswell Bay, in the Noss Mayo area, just after 10am on Saturday.
The body was found by friends who were searching for missing man Harry Martin from Newton Ferrers.
Formal identification has not yet taken place but Harry’s family have been informed.
The man's body was landed by lifeboat at Newton Ferrers.
Services will take place today at churches near to the home of Harry, a film and TV production student, in Newton Ferrers, Devon.
Reverend Anne Legge, vicar of St Peter's Revelstoke, said Harry's family would be prayed for during four morning services.
"You will know by now that Harry has been recovered from the sea and is at peace," Rev Legge said.
"We have been praying for him to be found, and our prayers have been answered.
"Georgina, Tony, James and the rest of the family know that they have our love and continuing support as they begin to come to terms with Harry's death.
"They remain very grateful to everyone who has searched and especially to those who went out and contributed to the discovery of Harry's body."
Services were due to take place throughout the morning at St Peter's, All Saints' Holbeton and Holy Cross in Newton Ferrers.
"We shall pray for the Martin family at all services and anyone is welcome to join us," Rev Legge said.
"You are all in my prayers, as together we face the loss of a young and much-loved member of our community."
Harry had recently started a course in film and TV production at Greenwich University in London but was back home visiting his family for Christmas when he went missing.
Tributes have been paid to Harry on social media websites Facebook and Twitter.
Users took to the Facebook page, Search for Harry Martin, to offer their condolences to his family and friends.
Mary Winters wrote on the page: "I am so sorry for your loss in a lovely young man xx"
Sarah Westwood also wrote on the page: "Thank God it looks as if Harry has been found. But all thoughts are with his family."
On Twitter, Gloria Fan tweeted: "RIP Harry Martin. You will be truly missed and never forgotten."
Natalie Pepperell tweeted: "RIP Harry Martin, another great person going to be missed by so many, even those who weren't as close to him compared to others"