The body of 33-year-old Russel Rebello, from India, was found inside a cabin on the ship’s eighth deck, Ansa reported.
The body, reportedly hidden behind furniture that had overturned during the shipwreck, was found by workers from Ship Recycling, a Genoa-based Saipem-San Giorgio consortium, the news agency said.
Rebello is among the 32 people who died when the ship sunk off the Tuscan island of Giglio in January 2012.
His brother Kevin, who lives in Milan, said in an interview with La Repubblica that he was informed of the discovery earlier today.
"I called my mother. She started to cry," he said.
The wreck was taken to Genoa in mid-July to be scrapped.
In early August, salvage workers found fragments of bone inside the wreck during their search for Rebello.
Tests got underway in October to determine whether the remains belonged to Rebello or Maria Grazia Trecharichi, a Sicilian passenger whose decapitated body was recovered in October last year.
The ship's captain, Francesco Schettino, is on trial for manslaughter, causing a shipwreck and abandoning the ship before all the passengers had been evacuated.