A man has been located deceased in a Wallacedale dam this afternoon, Victoria Police say.
The body is yet to be formally identified however, at this stage it is believed to be that of an 84-year-old Macarthur man who went missing yesterday.
Police have been searching for the man after his ute was swept into floodwaters near Ryans Road yesterday.
Investigators do not believe the death is suspicious.
MISPER2016SeptWallacedale flood waters update