A body has been found in the search for 22-year-old Brooke Morris, police have confirmed.
Ms Morris, from Trelewis, Merthyr Tydfil, disappeared after being given a lift home from the town centre in the early hours of Saturday.
Police officers carrying out searches of rivers and waterways near the town have located the body of a woman in a stretch of the River Taff.
Formal identification has not taken place but her family has been informed.
Ms Morris was last seen at about 02:30 BST on Saturday after a night out, wearing a long-sleeved red top and jeans.
South Wales Police believe the rugby player did not go inside her house and instead went down a lane that leads towards a bridge that goes into Treharris.
Hundreds of people from the area, some on scrambler bikes or with dogs, had joined the search, co-ordinated from Treharris Phoenix RFC.