Although yet to be formally identified, police believe the body to be that of the five-year-old whose mother they allege tried to drown both her sons in the river on the NSW-Victoria border on Thursday.
A desperate search of the river continues for his missing five-year-old brother.
Marine Rescue NSW, Echuca Moama Search and Rescue, Victoria Police and the SES also assisted in the search.
The dead boy's mother, who can not be identified for legal reasons, is facing an attempted murder charge in relation to her other son, who is nine-years-old.
A 27-year-old woman related to the children was arrested and is assisting police with inquiries after she presented herself to Echuca police on Thursday about 10pm.
She appeared in a Bendigo Court in Victoria on Friday afternoon with NSW police extraditing her across the border to Deniliquin, where she was arrested and charged with the attempted murder of the nine-year-old.
Further charges are expected to be laid at that time.
The older son was "savagely mauled" by the dog and was airlifted to the Royal Children's Hospital.
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The father of the boys has spoken of his devastation and said he was numb after learning about what had happened.
It heard that the mother took her sons to the water's edge and demanded that the eldest boy get in the water, the Bendigo Advertiser reported.
The woman allegedly turned to the younger son, while the older son managed to struggle free before he was attacked by a dog.
He was taken to Echuca Hospital and transported to Melbourne for treatment.
Lawyer Dale Brooks, who is representing the grandmother of the boys, told News.com.au that the mother was a long-time ice addict and is well-known to local authorities. He was last seen drifting facedown in the water.
The accused is said to have been living in a caravan at the back of the grandmother's property after her prison release, despite a 12-month Apprehended Violence Order (AVO) taken out against her by the grandmother in May 2016. "I get the distinct impression she really doesn't know what's going on, not in terms of the legal side of it but, in terms of just what's happened with her children".
In court, witnesses said she told them that she "had to drown my babies". "She's confused and she's upset", he told reporters.
Detective Sergeant Trent Swinton told the court the younger son, aged, was screaming during the incident. "He requires some surgery for the dog bites and of course he's distressed; he's a nine-year-old boy".
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Local police officer Superintendent Paul Condon would have seen many horrors in his years on the front line.
Shortly after, Brooks said the woman took the grandmother's auto, snatched the two young boys and left with a couple of her buddies.
The pair "rushed the little boy to the hospital". "The actual circumstances are unknown", Supt Condon said.
She was released February 2 this year.
Police spoke to the 9-year-old briefly last night.
"I think it will rock the community of Australia", he said.
THE earthy banks of the Murray River at Moama now hold a tragic story.
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