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UPDATE 4:30p​: Orange County Sheriff Jerry Demings said that dive teams recovered the body of the two-year-old boy at about 1:45pm local time. 

He identified the boy as Lane Graves. The parents are Matt and Melissa Graves of Elkhorn, Nebraska.

Demings said the boy's body was found intact and has been transported to the medical examiner to make a formal identification.

The investigation is ongoing to make sure the alligator involved is identified.

The president of the Walt Disney World Resort issued a statement, saying "there are no words to convey the profound sorrow we feel for the family and their unimaginable loss."

"We are devastated and heartbroken by this tragic accident and are doing what we can to help the family during this difficult time," George A. Kalogridis said. "On behalf of everyone at Disney, we offer our deepest sympathies."

Watch Peter Doocy's report from The Kelly File above.

UPDATE 2:30p​: A wildlife expert told Gretchen Carlson this afternoon that Disney will likely place warning signs specifically about alligators at its resorts.

Ron Magill, communications director for the Miami Zoo, said that a "no swimming" sign might not be enough to make people realize the danger. 

He noted that some people who don't live in Florida would not automatically realize that alligators can be lurking in any body of water in that state.

Magill said there are more than 1 million alligators in Florida and these incidents will only increase as their population grows.

He said that at night in shallow water, an alligator could easily mistake a small child for an animal like a raccoon, possum or small dog which it would normally eat.

UPDATE 12:00p: The sheriff said at a news conference that authorities are still working to recovery the boy's body. More than 50 people are taking part in the search, including experienced alligator trappers.

"We know this is a recovery effort at this point," said Orange County Sheriff Jerry Demings.

He said there are "No Swimming" signs in the area where the attack occurred.

Demings said there was no report made to police by a British family who said they were "chased" by an alligator at a neighboring resort's beach area a few weeks ago.

UPDATE 10:49a: Walt Disney World announced it’s closing all beaches in its resort area out of "an abundance of caution" hours after authorities say an alligator snatched a two-year-old boy, who remains missing.

A two-year-old boy was attacked and dragged away by an alligator last night at a Disney World resort in Orlando, Florida. 

The boy was splashing around in shallow water in a manmade lagoon at the Grand Floridian resort when the seven-foot gator attacked. 

The boy's father tried to pull his son away from the alligator, but was unsuccessful. The father was not harmed aside from some scratches.

The family of five from Nebraska, including two other young children, was watching a fireworks show at around 9pm local time last night when tragedy struck. 

The lagoon is 14 feet deep in some places and connects to other waterways. Divers are on standby in case sonar picks anything up, but police are calling this a recovery effort.

A wildlife official said an attack like this is "very rare" in Florida. Officials suspect the gator was feeding and mistook the movement of the boy for a small animal at the water's edge.

Authorities have caught and killed four gators in the area, but none ended up being connected to the attack.

Peter Doocy reported that there are "no swimming" signs around the lagoon, but no signs warning specifically about gators.

The resort is located one monorail stop from the Magic Kingdom park.

Meantime, a British family tells the Daily Mirror that that they were chased by an alligator at another Disney resort two months ago.

The family said they were sitting on the sand getting ready to watch the nightly fireworks show when a gator lunged out of the water.

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