Police are responding to reports of human remains being found on the coast near Anglesea.
Victoria Police said testing needed to be carried out to determine the identity of the remains.
"Police are currently responding to reports of suspected human remains located on the coast near Anglesea," police said.
"The remains will need to be examined by a pathologist to establish the identity of the person and cause of death."
Melbourne woman Elisa Curry, 43, has been missing since grand final night from her family's holiday home in Aireys Inlet, however police would not confirm if the grim discovery on Wednesday was related to her disappearance.
On Wednesday afternoon a police helicopter was hovering above Anglesea.
The helicopter has been flying between where the body was found and Aireys Inlet, about 10-kilometres away.
Jetskis were also seen moving up and down the coast as part of the search.
Police have moved on from the area where the body was found and access to a track leading down to the beach is no longer closed off.
The remains were found on the town's 'back beach', which sees far fewer people than its main beach closer to town.
The dunes overlooking the beach are sparsely populated, with very few houses looking down on the strip of rough coastline.
By 4.30pm on Wednesday the tide had almost risen to the cover the spot where the body was found.