"I have the very unfortunate news of letting you know ... we found the body of what appears to be a child, inside the pond, underneath the ice", Metz said. There was no "breakage of the ice", Metz said.
The search ramped up Monday after an Amber Alert was issued by the Colorado Bureau of Investigation.
Below-freezing temperatures and David's slight learning disability caused police to classify him as "at-risk".
His mother, Stephanie Puckett, says he wasn't dressed to be out overnight in the cold.
David wandered away from his home in Aurora Saturday evening.
Police said a dive team from South Metro Fire Rescue on Tuesday searched the pond at Olympic Park - which is across the street from Puckett's home where he was last seen Saturday night.
The FBI have also been aiding the police department in conducting "thorough" neighborhood searches while providing extensive resources.
Colorado searchers find child's body in icy pond
Earlier, volunteers were called to join the search, which has been confined to a 2.5-mile area. Police used an automated phone system to contact at least 27,000 residents about the search.
Authorities are also looking for both residential and commercial videos.
"We are still continuing operations as normal until we are 100 percent certain it is David", said Sgt. Chris Amsler, Aurora police spokesman. At this point we believe he just wandered off'.
The AMBER Alert describes David as a white male with brown hair and hazel eyes.
According to David's family, when he went missing he was wearing green camouflage trousers, a black t-shirt, black and orange boots, and possibly a tan coat.
At least 10 federal, state and local agencies have been helping search for the boy, who is under 4-foot and weighs 55 pounds.
Anyone with information about David is asked to call any of the Aurora police tip lines: 303-739-1865, 303-739-1868 or 303-739-1870.
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