Ismaili’s body was found at a depth of 204 metres not far from where she went missing, Italian regional daily Corriere di Como reported.
Her body was now being recovered, the paper added.
Ismaili, was captain of Switzerland’s Young Boys team and had been on Switzerland's national team since 2014.
According to the Italian daily Corriere della Sera, Ismaili had on Saturday decided to spend a relaxing day at the lake with a teammate, and they had rented an inflatable boat near Musso.
“She jumped in to the water, but never surfaced again,” the paper said.
Ismaili played 33 games for the Swiss national team and participated in the 2015 World Cup. Switzerland did not qualify for the Women’s World Cup currently being held in France.