Humberside Police had been searching for the 21-year-old who disappeared from near her Hull home seven weeks ago.
Detective Superintendent Martin Smalley said formal identification has now taken place after the body was found on Wednesday afternoon.
He said: "A post-mortem examination commenced this afternoon and is continuing to be carried out this evening, however formal identification has now taken place and we can confirm the body recovered is that of missing woman Libby Squire.
"Libby's family have been informed and are receiving support from specially trained officers.
"We would ask their privacy is please respected at this incredibly distressing time."