Ms Waugh was reported missing by her family on May 7 and had never gone missing before. The last believed sighting of her was thought to be in central London three days earlier, but this was unconfirmed.
Scotland Yard said a woman's body was found in a garage in Lime Court, New Malden, south west London, last night.
Concerns for Miss Waugh's safety grew after a fraudster tried to sell her central London flat by posing as her brother.
Detectives searching for missing oil executive Carole Waugh have found the body of a woman in a lock-up garage in London.
Miss Waugh, 50, originally from Durham, has not been seen by her family since April.
The body has yet to be identified.