Mick Donlon paid tribute to the mother-of-three this afternoon after her body was found at 2.30pm.

Mr Donlon said his sister-in-law, 61, from Warrnambool, was travelling with her husband of 35 years and the couple had returned to Yarrawonga to camp.

"They loved coming up and staying at the campsite here; it was free and they knew people up here," he said.

Mrs Donlon was walking her dog alongside the river when she disappeared yesterday.

She was last seen about 1pm on a stretch of river near Forges Bend.

4PM UPDATE: POLICE have located the body of a woman missing in the Murray River at Yarrawonga-Mulwala.

The body of the Warrnambool woman, 57, who disappeared after going for a walk with her dog along the river yesterday, was found at 2.30pm today.

A report will be prepared for the coroner.

1PM UPDATE: A SEARCH has failed to find a Warrnambool holidaymaker missing in the Murray River near Yarrawonga-Mulwala.

Victoria Police divers travelled from Melbourne on Wednesday night to help with the hunt for the woman, 57, who disappeared after going for a walk with her dog alongside the river.

Albury Inspector David Cottee said the divers had joined a boat from NSW Maritime Services which was searching along a stretch of the river near Forges Bend, downstream of the Yarrawonga Weir.

Yarrawonga police are also assisting their NSW counterparts.

The search has focused on a stretch of river near Forges Bend. 

The woman, who was camping with her husband, was last seen about 1pm.

Her husband alerted police after their dog, which the woman had taken for a walk, returned to their campsite without her.

It is understood she went for a swim upstream from the beach and has not been seen since.

Inspector Cottee said there was no indication at this stage of what had gone wrong.

The woman is described as Caucasian, about 170 centimetres tall with a thin build and dyed curly brown hair.

She was wearing shorts and a white T-shirt that said “I love Paris” on the front.