Manvir Singh was last seen on Renfield Street in Glasgow city centre on March 19.
The Glasgow University student had travelled to the town of St. Andrews on the day he disappeared.
According to local media reports, a man's body was found outside at Kinkell Braes in the Fife town on Thursday morning.
The body is believed to be that of Singh, though formal identification has yet to take place.
"A post mortem will take place in due course to establish the exact cause of death, however, there would not appear to be any suspicious circumstances. A full report will be sent to the procurator fiscal," a Police Scotland spokesperson said.
Singh's family, based in East Dunbartonshire near Glasgow, had also made an emotional appeal for him last month.
His father, Harpal, had said: "Manvir is a much-loved son and is known as Sonu to family and friends. We haven't heard from him or seen him for more than two weeks and we are very worried about him.
"We know that Sonu got on a bus in Glasgow and travelled to St. Andrews, but we don't know what happened to him after he got off the bus in St. Andrews. We are keeping in touch with his friends in the hope that they may hear something from him - all we want to know is that he is all right."
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