Sameena Imam, 34, was last seen in Coventry on Christmas Eve.
A West Midlands Police spokesman said the body has yet to be formally identified but Ms Imam's family has been informed.
Searches were conducted this week on the allotment off Groby Road, Leicester, and the body was found on Friday.
A post-mortem examination will take place on Saturday to establish the cause of death.
Roger Cooper, 40, of Coventry, and David Cooper, 38, of Leicester, appeared via videolink at Birmingham Crown Court on Tuesday charged with her murder.
They have been remanded in custody with a provisional trial date set for the end of June.
Ms Imam was last seen outside wholesaler Costco in Coventry at about 16:00 GMT on 24 December.
She was visiting the store as part of her job as a regional marketing manager for Costco.
Detectives investigating the suspected murder of a Cardiff woman have found a body on an allotment.