Northumbria Police officers say the discovery was made just before 12.25pm today following a report that a body had been seen.
Although not yet formally identified the force believe it is missing woman Margaret MacDermott.
Margaret, who was 50 and from Bolbec Road in Fenham, was reported missing to police on Saturday, February 13.
Margaret's family have been informed and a report is being prepared for the coroner.
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A spokesman for Northumbria Police said: "Our thoughts are with her family and friends at this time."