The body of the woman, whose death is not being treated as suspicious, was pulled from Hydes Pool yesterday evening.
Her age and identity are not yet known.
Police, ambulance crews and firefighters were all at the council-owned fishing pool next to the River Tame from around 8pm last night.
Concerned residents gathered next to the cordon on Woden Road South, where more than ten emergency vehicles - including a water support unit from West Midlands Fire Service - had congregated near the junction with Hydes Road.
A West Midlands Police spokesman said: "Police were called to Woden Road South, Wednesbury, at 8pm following reports of a woman in the water.
"The body of a woman was recovered from the water.
"The death is not being treated as suspicious at this stage."
Claire Brown, a spokesman for West Midlands Ambulance Service, added: "We were called to reports of a drowning just after 8pm last night, at the junction of Woden Road South and Hydes Road.
"One ambulance, a paramedic officer, a trust hazardous area response team and a senior paramedic officer attended.
"Sadly one woman was confirmed deceased on the scene."