Rescuers on the Spanish island of Tenerife said Monday they had found the body of a young man in a steep rugged canyon where a British teenager went missing several weeks ago.

In a statement, the Guardia Civil police said its mountain rescue service "has found the body of a young man around Masca" with "all indications suggesting it could be the young Briton who went missing on June 17".

Jay Slater, a 19-year-old from Oswaldtwistle village in northwest England, was in Tenerife to attend the NRG dance music festival with two friends in the Playa de las Americas resort before going missing as he tried to walk back to his accommodation on June 17.

The apprentice bricklayer had been staying at an Airbnb in Masca, a small mountain village on the island's northwest perched on the top of a steep ravine that plunges down to the sea.

Media reports said he rang friends during the early hours of June 17 to say he was lost and had very little battery left.

Tenerife police used helicopters, drones and search dogs to find him but called off the search on June 30.

"Everything appears to point to the fact it could be the young Briton who went missing 29 days ago, who may have died after falling down the steep, inaccessible area where (the body) was found," the statement said, indicating they were "waiting for the results of an autopsy to confirm the death was accidental".

British overseas missing persons charity LBT Global, which has been supporting the teen's family, said it understood the body was found "close to the site of his mobile phone's last location" and was wearing his clothes and possessions.