Police Scotland indicated that while formal identification had yet to take place, officers had informed the family of Phyllis Milne.
A search was carried out over the weekend for the 86-year-old after she was last seen at around 10pm on Friday by a family member in Quarryhill, Keith.
A body was recovered on Monday morning from the River Isla, officers said.
Inspector Neil Campbell said: “We can confirm that a body was recovered this morning by our specialist dive officers who were conducting searches to trace Phyllis Milne.
“Our thoughts are with Phyllis Milne’s family and friends at this difficult time and I would also like to thank the local community in Keith for their support during our search operation, as well as the officers and colleagues from other emergency services involved in the search for Phyllis.”