At about noon, the Chicago police marine unit pulled the body from the lake about six miles from Belmont Harbor on Chicago's North Side.
The Cook County Medical Examiner's Office confirmed the identity Saturday evening.
Santarelli, an experienced sailor from Chicago, fell off the Imedi sailboat. The sailboat was hit by a large wave while he was making a routine sail adjustment.
RELATED: Search for sailor who fell overboard during Race to Mackinac continues
Race organizers said Santarelli was last seen trying to swim towards a flotation device thrown into the water after his life vest failed to deploy.
In a statement, the Chicago Yacht Club Rear Commodore Nick Berberian expressed sympathy to Santarelli's family, adding "Now that Jon has been recovered, a full investigation can take place including an analysis of the PFD (personal flotation device) he was wearing at the time of the incident." The statement also said that the yacht club would "update competitors and the boating public as we know more details."