The wreckage of a small plane which departed Wangaratta on Tuesday has been found in the Snowy Mountains region of New South Wales, and a body has been recovered at the site.

A NSW Police spokesperson said at 4pm on Thursday a rescue helicopter located the wreckage at what was believed to be the plane’s last known GPS location, east of Khancoban.

Bega man David Stephens, 74, was the sole occupant of the 1966 Beechcraft Debonair.

Authorities said a body recovered at the site on Friday afternoon is believed to be that of Mr Stephens, but is still be be formally identified.

David’s wife, Lynda Stephens, issued a statement to the ABC on Thursday, saying Mr Stephens had gone missing after having his plane inspected at Wangaratta.

"It is known that the mountain weather can turn very quickly, and we can only assume he must have seen a way over the mountain to decide not to turn back to Wangaratta,” she said.

"David has quite a bit of experience flying that plane, but we can't know what situation he was facing, and we'll only have answers once they locate the plane and with that David."

Ms Stephens said her husband had been flying planes since the 1960s and he was only two months away from retiring as an accountant.

"Which makes the situation more heartbreaking as his family was looking to spend more time with him after decades of work," she said.

Ms Stephens said her husband was also a well-known and respected rally sport competitor, as well as a member of other motorsport clubs in the Sapphire Coast region.

Mr Stephens’ aircraft was reported missing at around 4:30pm Tuesday when Air Services Australia notified the Australian Maritime Safety Authority (AMSA) it had failed to reach Moruya airport on the NSW South Coast after taking off from Wangaratta the same day.

A multi-agency search took place over the next two days amid harsh alpine terrain, with restricted visibility and low clouds hampering rescue efforts.

“The trails are heavily snowed in, it’s very rugged terrain and very steep alpine terrain they are trying to navigate through,” David Gillis, AMSA duty manager said.

AMSA coordinated the aerial search while NSW Police directed the search on the ground, supported by NSW SES, the NSW National Parks and Wildlife Service, and Snowy Hydro.

NSW Police have taken full control of the investigation.