The grim discoveries have been made over the past six years – leading to a university psychologist coming up with the chilling theory.
While police insist there is nothing suspicious about the deaths, they were unable to identify the gender of 22 of the bodies.
Professor Craig Jackson, of Birmingham City University, has speculated about a ‘gay slayer’ and said that the case was ‘alarming’.
He told the Daily Star: “It is extremely unlikely that such an alarming number of bodies found in the canals is the result of accidents or suicides.
“Canals are not popular suicide spots, especially for men. They are, however, popular dumping sites. And water can be a sure way to erase DNA evidence.”
Several of the bodies were discovered in Manchester’s gay village – leaving Professor Jackson speculating on whether or not the ‘serial killer’ could be targeting gay men.
He said: “Do we have another ‘gay slayer’ like Colin Ireland on the loose? You couldn’t rule it out?”
While the death toll has caused a flurry of interest in Manchester, police there rubbished claims of a serial killer.
A spokesperson for Greater Manchester Police said: “GMP is committed to thoroughly instigating each and every unexplained death and approach each one as potentially suspicious in its initial stages.
“None of our investigations are carried out in isolation and, as we have said publicly before, we have established no link between the various incidents recorded.”