Gergana Prodanova, 38, was reported missing on 8 August by colleagues after she failed to turn up for work at the Great Western Hotel in the city.
Forensic officers recovered the remains at waste ground off Blackall Road in Exeter at about 16:00 BST on Tuesday.
Police said there would be tests to confirm the identity but her family in Bulgaria have been notified. A man has been charged with her murder.
More on the discovery of human remains, and other stories from Devons
Ms Prodanova was last seen on Sidwell Street in Exeter on 4 August.
Officers investigating the case have carried out house-to-house inquiries, as well as using the force helicopter, drone and police dogs.
Det Supt Paul Burgan said: "Inquiries will continue in the Polsloe and Blackall Road areas of the city over the next few days and police would like to thank the public for their continued co-operation with this investigation."
Kostadin Kostov, 42, appeared at Exeter Crown Court on Tuesday charged with Ms Prodanova's murder.
Human remains have been found by police searching for a woman in Exeter.