The alligator attacked the child near the Seven Seas Lagoon while he was all alone wading at the bank of the water body.
His parents were present on the beach and his four-year-old sister was in a play pen about 20 to 30 yards from water when the unfortunate incident took place.
The father made attempts to rescue his son from the grip of the alligator, but could not succeed and suffered minor scratches on his hand.
The mother also entered the water trying to find her child.
The authorities today said the search efforts will continue with fresh eyes and helicopters, sonar, marine units, adding an alligator trapper is being used in the rescue effort.
"This is still a search and rescue operation," CNN quoted Jeff Williamson, a spokesman for the Orange County Sheriff's Office, as saying.
The authorities, however, admitted it is unlikely to recover the boy alive as it has already been several hours into the search.
No one else was in the water at the time of the attack besides the child, said Orange County Sheriff Jerry Demings.
The victim's family was on a vacation and had arrived here on Sunday.
Later, toddler's dead body was found.