The family of Ethel McLean, who is also known as Rosie, announced overnight on Monday that the 84-year-old had passed away.

The Timboon woman and her dog Bindi, a Maltese shih tzu, went missing on June 10.

In a statement on Facebook the family said: "Mum has been found this afternoon, unfortunately not in time".

"Bindi stayed with mum until they were found and we take some comfort in that knowledge," the post said.

"Bindi will be reunited with her mate Dantai in the morning."

The family thanked members of their family and the community for the "help and support we have received during this time.

"We are truly grateful that you all cared for our mum and Bindi," the statement said.

"We thank you from the bottom of our hearts."

Local police were assisted by the Air Wing in searching the Southern Grampians, Moyne, Warrnambool and Corangamite areas since the woman's disappearance.

The exact circumstances regarding the death are yet to be determined and the investigation remains ongoing.

Victoria Police released a statement on Tuesday morning, saying the body was located on Chatsworth-Wickcliffe Road in Wickliffe next to a burnt out car.

While the body is yet to be formally identified, police believe it to be that of missing Timboon woman, Rosie.

Rosie's Maltese Shih Tzu was found safe and well nearby.

A Facebook group called 'Find Rosie McClean and Bindi' was set up by family and friends and locals had been posting maps of areas searched.

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