Police are understood to have been called to the scene near the waterfront at around 20:30 last night (Thursday).
According to sources, a group of young men made the discovery after being hit by an overpowering smell. The men guided Police to the exact location.
Hampshire Constabulary are yet to issue a statement on the matter.
UPDATE @ 09:20 – Police have confirmed that a body has been discovered in woodland.
The death is not being treated as suspicious, but a cordon remains in place.
Island Echo understands the body is that of a homeless man who had been living in the area.
UPDATE @ 11:55 – The National Police Air Service (NPAS) helicopter from Bournemouth has conducted aerial photography of the area this morning on behalf of Hampshire Constabulary.