A man last seen getting into the water near a downtown Auckland ferry terminal has not been found and is presumed drowned.

Police have stopped the search for the man after they were initially called to an incident in the early hours of Monday morning near the ferry terminal on Quay St, near Albert St.

A police spokeswoman confirmed this morning that the Police Dive Squad had not located him and that the search had finished.

"We do not believe the man has gotten out of the water.

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"Given the length of time he has now been missing, we believe sadly that he will not have survived."

Police are still, however, making inquiries about the circumstances surrounding why the man had entered the water in the first place.

Detective Senior Sergeant John De Heer earlier said officers wanted to speak to two men seen talking to the man before he got into the harbour.

The Herald understands the trio were seen arguing shortly before he got into the water.

A police spokeswoman said officers were also still looking at CCTV footage in relation to the incident.

Anyone with information is urged to contact Auckland City Crime Squad on (09) 302 6557 or contact CrimeStoppers anonymously on 0800 555 111.