The man was found in the water off Old Birchills just before 1.30pm on Sunday.
His death is not being treated as suspicious.
Claire Brown, communications officer for West Midlands Ambulance Service, said: "We were called by the police to the canal off Old Birchills, Walsall, at 1.28pm on Sunday.
"Two ambulances, two paramedic officers and Hazardous Area Response Team (HART) paramedics attended the scene.
"One man, who had been found in the water, was sadly confirmed deceased on scene by ambulance staff."
A spokeswoman for West Midlands Police said: "The body of a man, in his late 50s, was found in the canal off Old Birchills just before 1.30pm on Sunday.
"His death is not being treated as suspicious and will be referred to the coroner."