The alarm was raised when Roman Butchaski failed to return to his camping ground on Sunday.
Some of his belongings have since been found near a river on Queensland's remote Cape York Peninsula.
Mr Butchaski, known as Butch, is an avid angler and a former host of Sydney radio station 2GB's fishing show.
His former co-host Gavin Pitchford told 2GB that his friend - though a Sydney local - regularly visited the spot on the Olive River, about 600km (370 miles) north of Cairns.
"I'm devastated. Butchy walks the banks up there regularly. He's been fishing there forever," a statement read out on air said.
Mr Pitchford also said he feared Mr Butchaski, who is in his 60s and has diabetes, may have suffered a medical episode.
On Tuesday, police announced more officers would travel to the area to assist the search.
Rescue helicopters and crews on the ground have been combing the region since they were alerted on Sunday night.
Police say the car Mr Butchaski had was found at the river. Local media report some fishing gear was discovered as well.
Queensland Police Senior Sgt Duane Amos told reporters the region is a well-known crocodile habitat, but added that Mr Butchaski is familiar with the area.