Emergency services were called shortly before 2pm on Sunday to reports of concern for the welfare of a man.
Searches were carried out and the body of a man, believed to be in his late teens, was found in the water.
He has been named locally as Samson Price.
Police launched an investigation and officers remain at the beauty spot while work is carried out.
They say they are keeping an open mind as the circumstances surrounding his death are established.
Three men aged 17,18 and 19 have been arrested on suspicion of murder and remain in police custody for questioning.
It is understood Samson had been missing since Saturday night and his photograph was shared on Facebook as people tried to find him.
An online appeal has been set up to raise money for a funeral for the former Hawkley Hall High School pupil, with more than £2,700 already donated towards the £5,000 target.
On the page, founder Tyler Pilling said: “As you all know, we have all received the worst possible news. Samson was a top lad and is a big loss to many people. Samson was a great rugby lad and great mate, to myself and many others. I’ve set up this page to help Samson’s family to give him the best send off that he deserves. Sending thoughts and love to Samson’s family and friends throughout this horrible time. R.i.p lad, thinking of you always. Gone but never forgotton x”
Tributes have also been paid to Samson on social media.
Nat Martlew said: “Can’t believe I’m writing this, RIP Samson, the most lovely lad who brought a smile to my face every shift. Gone way too soon- thoughts are with your close friends and familyxx”
Jessica Sharrock said: “Fly high Samson.”
Emily Mae Macdonald said: “still genuinely can’t believe it, too soon”
Jamesie Watts said: “I’m heart broke for my baby cuz it’s like a nightmare gone way to soon”
Ebony McDermott said: “rest in peace samson you didn’t deserve this, taken too soon. you’ll be missed”
Donations to the online appeal for a funeral can be made hereAnyone with information about what happened is asked to contact police on 0161 856 9908, quoting incident of 1457 of October 4.
Reports can also be made anonymously to the independent charity Crimestoppers on 0800 555 111.
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