Iain McKellar, 53, was spotted in the water around 1am local time on Saturday. The father-of-one travelled to Fuerteventura from Rothesay on the Isle of Bute, reports the Mail on Sunday.
A 45-minute attempt to revive him was unsuccessful after he was found to have gone into cardiac arrest and he was later pronounced dead at the scene.
It is believed Mr McKellar was on holiday with his wife Yvonne.
The tourist is said to have died at the Hotel Oasis Village in Corralejo in the north of the sunshine island.
A spokesman for a government-run emergency services coordination centre told the paper: “A 53-year-old British man has been pronounced dead after being found floating in a swimming pool in the municipality of La Oliva in Fuerteventura.
“We received an alert at 12.52am [Saturday] morning from a hotel reception informing us a person had been found floating in the water.
“An emergency response was immediately activated and private health workers at the hotel and emergency responders tried to revive the man who had gone into cardiac arrest.
“But none of the attempts to save his life were successful and a doctor from a local health centre subsequently confirmed his death.
“Civil Guard officers have taken charge of the case. Local police cooperated with the emergency response.”
Investigators have concluded there is nothing at this stage to indicate any suspicious circumstances, although the autopsy has yet to take place.