Police said the body had not been formally identified but that they have been searching for Xavier Thomas, 45, a French national who has been missing since the night of the attack.
Reaction to the attack has dominated the final days of campaigning before Thursday's general election, with opposition Labour Party leader Jeremy Corbyn and others criticizing May for cutting police numbers by roughly 20,000 during her tenure as home secretary. All others who had been arrested have been released without facing charges.
It has emerged that Zaghba was placed on a watch list by Italian authorities and flagged to British intelligence agencies after he was stopped from flying to Turkey amid suspicion he was trying to get to Syria.
However, unconfirmed reports suggest he was placed on the Schengen Information System (SIS II), a vast database of alerts about individuals and objects of interest to European Union law enforcement agencies.
Authorities are facing pressure to detail whether an alert was flagged about Zaghba when he came into the United Kingdom and whether he was stopped at the border.
The Home Office has not commented as there is an ongoing police investigation, while Scotland Yard has said Zaghba, who lived in east London, was not a police or MI5 subject of interest.
Mr Thomas was last seen walking along London Bridge with his girlfriend Christine Delcros, who was seriously injured.
The tragic terror attack involved three attackers.
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Perpetrators of all three terrorist attacks in the United Kingdom this year - two in London and one in Manchester - have at some point been monitored by security agencies.
Police have said Redouane was not known to security services.
Butt, who worked on the London Underground for almost six months, was investigated by officers in 2015 but was "prioritised in the lower echelons of our investigative work" when no evidence he was planning an attack was found.
British police hunting for a Frenchman missing since Saturday's attack said earlier that they had found a body in the River Thames.
The rampage was brought to an end when the trio were shot dead by armed police eight minutes after the first emergency call.
The Islamic State group has claimed responsibility for the attack.
The arrest followed a raid at a property that is still being searched.
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