Milton Marshall, aged 60, of Croften Walk, was found in the canal near to Aldersley Bridge yesterday morning.
West Midlands Police spokeswoman Deb Edmonds said the death was not being treated as suspicious.
Mr Marshall was a well-known figure around the Pendeford and Park Village areas of the city.
He had moved to the city from London around 15 years ago. His family have been informed of his death.