Builders at the College discovered the remains of bones and a crushed skull.
A Wadham porter is reported to have said that the bones contained bullet holes.
The body was reportedly unearthed outside Staircase Nine by builders finishing renovations linked to the new graduate centre which opened last term.
The identity of the body was not known when The Oxford Student went to print but it is thought to be many years old.
John Owen, a fourth-year History and German student, said: “What we’ve seen is a pile of bones and a crushed skull. It is rumoured to have bullet holes in it.
“Police have been here with a forensics team, and there will be archaeologists.”
Charlotte Lennon, a third-year Classical Archaeology and Ancient Historian, whose rooms is next to where the body was found, said: “As an archaeologist, I am very excited about the discovery of bones under my window.”
Thames Valley Police were unavailable for comment.
More to follow.