The body of a man has been located during the search for a missing fisherman on the South Coast.

About 11.30am on Friday, police were called to Bass Point at Shellharbour after reports from local scuba divers that they had located the body of a man underwater and that fishing gear had washed up on the shore.

Lake Illawarra Police District officers responded and Marine Area Command, with assistance from Surf Life Saving NSW, Marine Rescue NSW and the Westpac helicopter, assisted with the search.

Police were told a 45-year-old fisherman left Shellharbour Marina on Thursday, last contacting authorities about 11pm, indicating he would return at 11am on Friday.

Further investigation and enquiries led police to believe the located male and the overdue vessel were related.

About 6pm on Friday, police divers recovered the body of a man near the sunken vessel off Bass Point.

Although the body is yet to be identified, it is believed to be that of the 45-year-old fisherman.

A report will be prepared for the information of the Coroner.