A Sussex Police spokesman said that the body had not yet been formally identified but it was believed to be that of Ms Stevens, of Baltimore Court, The Drive, Hove.
Detective Chief Inspector Ian Pollard, of Surrey and Sussex Major Crime Team who is leading the investigation, said:
"The 49-year-old man has today been released from custody on bail and our investigation into how Mrs Stevens died continues.
There are still a number of lines of inquiry we are following."
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Three drug dealers have been sentenced to a total of 23 years after admitting they were key players in a multi-million pound drugs ring.