James and Susan Kenneavy’s grey Ford Kuga was found empty on Drummore beach near Stranraer in south-west Scotland about 7:30am on Thursday.
Police Scotland this morning confirmed they were called after the dead body of a woman was found at the edge of the water in Port William, Newton Stewart, about 8:15am.
The body of a man was found nearby about 30 minutes later.
A police statement said: “Although formal identification has still to take place, it is believed to be the missing couple and their next of kin has been informed.
“A full report will be sent to the procurator fiscal.
“Our thoughts are with their family at this time.”
Heavy rain led to flooding on the Drummore coastal road on Wednesday and search teams worked into the night on Thursday looking for the couple.
Air, sea and land searches had continued today after being stood down overnight.
Officers had earlier said the couple had not been seen at home and had not been in touch with family.
Inspector Craig Nicolson, from Dumfries and Galloway Police, said on Friday: “We are very worried about Mr and Mrs Kenneavy.
“We know the Drummore coastal road was closed last night due to coastal flooding, but I would ask anyone who saw the vehicle or knows the whereabouts of the couple to contact Police Scotland.”
The couple are believed to be in their 70s.
Police fear their car may have been washed into the sea from the coastal road at Drummer, which was closed several times on Wednesday and overnight because of the huge seas and waves that flooded the road.
The car was found at the bottom of an embankment by workmen who were out to clear the road. The couple who live in Drummore village are well-known locally.