Officers believe it is the body of 79-year-old Gladys Spencer, who went missing from her Little Bloxwich home.
An area near the site in Steelpark Way was cordoned off while officers searched the area on Saturday.
West Midlands Police spokeswoman Sharn Braich said: "The body is yet to be formally identified but is believed to be of the 79-year-old.
"Police are currently trying to establish the circumstances around her death. Gladys’ family are being supported by specialist officers."