Toronto police say they believe marine searchers they have located the body of Edith Gus Peltinovich, the 72-year-old woman reported missing since Monday.

Toronto police Const. Wendy Drummond told reporters Wednesday that a marine unit located a lifeless body near the river reservoir, and that the preliminary investigation and descriptions of the missing woman's clothing points to it being her.

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Edith Gus, 72, was last seen Monday at G. Ross Lord Park which is located off Finch Avenue West between Dufferin and Bathurst streets. (Toronto Police)

A cause of death is not yet known, but Drummond said "she may have fallen" to her death.

Police said the body was not found in the water, but was on a river bank outside a 300-metre radius around Finch Avenue West between Dufferin and Bathurst streets.

"My understanding is the location was very valley-like, and it was down quite a distance. She wouldn't have been noticed by anybody walking by," Drummond said.

The body was recovered around 1:30 p.m. Wednesday. A post-mortem is to be scheduled.

Police said Peltinovich was last seen around 1 p.m. on Monday walking toward G. Ross Lord Park, which is located off Finch Avenue West between Dufferin and Bathurst streets.

Police had earlier set up a command post in the park where she was last seen walking toward. Her family had earlier told CBC's Trevor Dunn they were worried for her safety because she had health problems.

Dunn said Peltinovich — who is from Uruguay and arrived in Toronto on Oct. 9 for a family visit — spoke mainly in Spanish and Yiddish.