Officers responding to a 911 call for a well-being check found the body in a home in the 200-block of Dublin Lane just before 12:15 a.m.
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The man was identified as 64-year-old Joseph Mariano. The Cook County Medical Examiner's Office said his autopsy results are pending.
Multiples sources confirmed to ABC7 Eyewitness News that Mariano is a member of the family that formerly owned the Mariano's grocery chain.
A Mariano's spokesperson issued a short statement saying, "Joseph Mariano is a former employee of Mariano's. That is all the information we can provide at this time."
Neighbors were in disbelief.
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"Shocked. Shocked. Very, it was very upsetting and surprising when they came over and told us what happened," said Nannett Sykes, who lives next door. "You don't expect it."
The suburban Major Case Assistance Team is conducting the homicide investigation.
Anyone with information pertinent to the homicide investigation should call the Schaumburg Police Department's Detective Division at 847-882-3534.