The mother-of two disappeared during a riverside dog walk in St Michael's on Wyre in Lancashire three weeks ago, sparking a major search operation.
Lancashire Police said they "sadly recovered a body" after they were called to the River Wyre near Rawcliffe Road at 11:35 GMT on Sunday.
A statement said formal identification had not yet been carried out "so we are unable to say" if it was Ms Bulley.
The death was currently being treated as "unexplained", it added.
"Nicola's family have been informed of developments and our thoughts are with them at this most difficult of times. We ask that their privacy is respected," Lancashire Police said.
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