ABC Australia says 41-year-old Adrian Ernest Bayley has been charged with the rape and murder of missing Irish woman Jill Meagher.
He will appear before Melbourne Magistrates Court at 9.30am local time.
Police have also confirmed that the body of Meagher has been found.
Victoria Police say the body of the 29-year-old Louth woman was recovered in Gisborne South around 60km from central Melbourne at around 1.45am local time.
Officers are continuing to conduct a forensic analysis of the scene.