Italian officials in charge of the Concordia cleanup said the remains found inside the ship near the third deck could be of 33-year-old Russel Rebello, a waiter from Mumbai.
The body is reportedly in an advanced state of decay, representatives of Italy's Civil Protection said.
"Scuba divers have located the body of one of the missing victims inside the ship near the third deck," the Civil Protection officials said adding that some details have led them to believe that it could be [the body] of Russel Rebello.
Rebello was hailed a hero for saving lives before losing his own when the ship sank.
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The body of Italian passenger Maria Grazia Tricarichi is still missing, Italian news agency ANSA reported.
The disaster on January 13, 2012 claimed 32 lives when the Costa Concordia cruise ship ran aground and partially sank off Giglio island.
The ship, carrying 4,252 people from all over the world, was on the first leg of a cruise around the Mediterranean Sea, starting from Civitavecchia in Lazio, when it hit a reef during an unofficial near-shore salute to the local islanders.