This question is a theoretical/academic edge-case.
A body in the water will experience two forces:
- Pressure acting on all surfaces in contact with water
- Gravity acting on the mass of the body
The articel on buoyancy over at Wikipedia explains very good how the following equations are set-up. This article also gives the defintion of buoyancy as:
In physics, buoyancy or upthrust, is an upward force exerted by a fluid that opposes the weight of an immersed object.
(The reader has to decide whether a body on the ground is still immersed.)
The buoyancy force, $F_\mathrm{B}$, can be calculated by integrating the stress (here: pressure), $\sigma$ across the whole surface, $A$, of the body:
$F_\mathrm{B} = \oint \sigma\, \mathrm{d}A $
For an immersed body on can use Gauss theorem. This means one can replace the area-integral with a volume-integral. However, in this edge-case the aera-integral of the body is not "closed". As the can sits on the ground there is no water(pressure) at the bottom side of the can (see also the explanation over at Physics.SE 1, 2).
This means for the edge-case, that the body has contact with the ground it is not possible to use the equation based on the volume-integral:
$F_\mathrm{B} = \rho \cdot V_\mathrm{displaced} \cdot g$
The only way to compute the buoyancy force is to integrate the pressure-vectors on the surface of the body.
This means for a perfect flat ground and a perfect can the aera-integral becomes:
$F_\mathrm{B} = -p_\mathrm{at-top-of-can} \cdot A_\mathrm{top}$
The net-force (buoyancy and gravitational force) is:
$F_\mathrm{net} = -p_\mathrm{at-top-of-can} \cdot A_\mathrm{top} - m_\mathrm{can} \cdot g$
Whether $F_\mathrm{B}$ in this case should be called buoyancy needs to be discussed.
A very similar effect are thermals. When sun light wars the air on the ground its density reduces as with your object under water you have no upward (pressure-)force because there is nothing beneath the war air bubble with a higher density. You need a disturbance if this stable system, which brings some higher density fluid underneath the low density area in order to get buoyancy. The following figure from here illustrates these steps.
