Investigators have not ruled out the possibility that University of Alabama student Jimmy Gracey was drugged before he fell to his death off the coast of Spain.

Barcelona cops have publicly indicated that the 20-year-old’s death was accidental, but privately, suspect he was under the influence of drugs, alcohol or both when he drowned, a source told Fox News Digital.

However, Gracey’s wallet, which was found floating nearby, was recovered, with his cash, credit cards and identification inside, the outlet reported.

Investigators are waiting for several “loose ends” to be tied up before they can close the case, including the student’s autopsy and toxicology results, the source said.

Gracey had been at a popular nightclub with friends in the hours before his death, and a major hypothesis is that he could have been drugged, taken drugs himself or ingested a large enough amount of alcohol to disorient himself.

The insider, with close ties to police, also shed new light on the man arrested for pocketing Gracey’s phone, saying he found the device on the street and picked it up.

Police do not believe the man, who had a history of prior thefts, had any direct contact with Gracey, the source said, according to the report.

Evidence points to “an accidental death,” investigators said Friday before declined to share additional details on the tragedy.

The student’s body was found the day prior in 13-foot-deep water off Port Olímpic, near where Gracey was last seen leaving Shôko nightclub around 3 a.m. Tuesday.

Gracey vanished after being separated from his friends in the clu,b and was reported missing when he failed to return to their Airbnb about two miles away in Ronda de Sant Pere.