Kyriakos Amiridis, 59, went missing three days ago after travelling to Rio de Janeiro from Brasilia for the traditional New Year celebrations on Copacabana beach.
The Greek ambassador was last seen on December 26 in the city of Nova Iguacu on the outskirts of Rio, where the car was found.
Forensic experts are carrying out tests to establish the body’s identity.
Kyriakos Amiridis’s car was discovered under a flyover on one of the main access roads to Rio.
The ambassador had phoned his wife from a flat in Nova Iguacu on December 26 saying he was about to go out. He has not been heard from since.
Police say it is unlikely that Kyriakos Amiridis was kidnapped, as no ransom has been sought.
Rio de Janeiro has a high crime rate and violent incidents are not unusual, especially in the busy season between Christmas and New Year, when hundreds of thousands of tourists travel to the city.
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