Lt. Tom Ryan of the Ocean County Sheriff's Department told the Asbury Park Press an autopsy will determine if the body is 25-year-old Petty Officer Nicholas Holmes.
Holmes and another man were tossed from the 23-foot boat after being rocked by a wave left by another boat on Saturday night.
There is no posted speed limit in the area.
The other man, who sustained a fracture to his arm, was immediately pulled from the water.
Authorities launched an air and sea search before calling it off Monday night.
Holmes was a machinery technician at Air Station Atlantic City.
Information from: Asbury Park Press