A body was discovered at Port Edgar marina, near South Queensferry town centre at 8:30pm last night.
Hutchison, 36, was reported missing two days ago and was last seen leaving the Dakota Hotel not far from the Forth Road Bridge around 1am.
A heartbreaking tweet from the singer late on Tuesday night said: “Be so good to everyone you love. It’s not a given. I’m so annoyed that it’s not.
“I didn’t live by that standard and it kills me. Please, hug your loved ones.”
A few minutes later he tweeted again saying: “I’m away now. Thanks.”
Although a formal identification had yet to take place, heartfelt tributes and condolences began to pour in for the singer.
Leading the tributes to Scott is First Minister Nicola Sturgeon and a number of famous names from the Scottish music community and other industries.
Frightened Rabbit sang frequently about struggles with mental health and Scott was beloved very frank and confessional writing style.
Thousands of emotional tributes to the singer poured in on social media -- with many fans talking about how his music helped them during “dark time”.
American actress and standup comedian Sarah Silverman tweeted Scott’s account saying she was “so so sorry” to his brothers and family.
She wrote to her 12 million followers: “To @owljohn’s brothers and family I’m so sorry. I’m just so sorry.”
Stuart Murdoch, lead singer of Scottish band Belle and Sebastian, pleaded for those going through a dark period to talk to friends and family.
He said: “Tragic news about Scott Hutchison.
“The whole music community in Scotland was praying for a different outcome.
“Folks, if you are up against it, having dark thoughts, please tell someone, family, a friend or a doctor.
“There is always another way, though it might not seem like it.”
Scots indie rock duo Honeyblood also posted to the tragic singer’s account, saying: “You will always be loved thank you for all you gave.”
Tim Burgess, of rock band The Charlatans, said: “My thoughts are with Frightened Rabbit and their friends and family.
“Another beautiful soul lost. This world can be so harsh.
“Reach out to your loved ones today and every day if you can.”
Scottish songwriter and BBC Music presenter Roddy Hart said: “Make no mistake, we are the lucky ones. Our lives still intact. Our love still to give. Don’t waste a moment.
“Thinking of a fallen musical brother, who gave to us in song what he perhaps couldn’t find in life.”
While Alex Kapranos of Franz Ferdinand tweeted: “Awful news about Scott Hutchison. A terrible loss.”
The BBC’s Jo Whiley added: “Such sadness #ScottHutchison Condolences to the @FRabbits family. Life is hard.”
And Nicola Sturgeon said: “Heartbreaking news. My thoughts are with Scott’s family, friends and fans. A remarkable and much loved talent.”
Scott Hutchison’s band Frightened Rabbit formed in 2003. Their name was taken from a nickname which Scott’s mum had given him on account of his natural shyness as a young child.
The band appeared live on stage in Edinburgh last December for the Social Bite’s Sleep in the Park fundraiser.
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