Brahney has been missing since the reformed Manchester band's gig in Heaton Park on June 29.
According to the BBC, police were called to the canal near Media City, Salford Quays, shortly before 09:35 BST today.
A post-mortem examination is due to take place tomorrow (July 10).
The 22-year-old became separated from friends at the gig and lost his phone.
It was too early to say whether suspicious circumstances surrounded the death, police said today.
A nationwide campaign to find Brahney had been launched on social media, with over 80,000 people joining a Facepook page dedicated to discovering his whereabouts.