West Midlands Police had been searching for Charlie Johnson, who had gone missing from his home in Solihull on Saturday, July 24.
The 17-year-old, who was considered to be vulnerable, was last seen riding a grey/red electric Carrera mountain bike, with a grey/black cycle helmet and carrying a grey backpack.
The body was discovered by officers along a stretch of canal in Finwood in Warwickshire at around 1.24pm on Wednesday, after a bike similar to Charlie's was found nearby.
The force said that formal identification had not yet taken place, but the body was believed to be Charlie, and his family have been informed.
A spokesman for West Midlands Police said: "We’re sad to say that while we’ve been searching for missing teenager Charlie Johnson, we have found a young man’s body.
"Formal identification is yet to take place, but we believe it to be the 17-year old, from Solihull.
"We’ve told his family who are devastated. Charlie went missing on 24 July and we’ve been searching for him ever since.
"There’s nothing at this time to suggest that his death is suspicious.
"The young man’s body was found by officers at 1.24 pm today (Wednesday 28 July).
"They were searching the area after someone found a bike like Charlie’s nearby.
"A stretch of the canal in Finwood in Warwickshire is cordoned off while our investigation continues.
"Thanks to everyone who called us with sightings of Charlie and his bike.
"Remember that the charity @samaritans is available 24/7 if you need to talk. Call 116 123 for free."