After three weeks of digging under a council car park in Leicester, researchers have revealed they have found human remains in the spot his grave stood in 1612, the Daily Mail reported.
The University of Leicester is leading the archaeological search for the burial place - with Leicester City Council, in association with the Richard III Society.
The remains discovered are expected to undergo DNA analysis at the University to confirm that they are those of Richard III.
Over the past fortnight, the team has made several major discoveries - which have helped lead them to the monarch's possible burial spot.
First they determined the area underneath the car park was the site of the medieval Franciscan friary known as Grey Friars.
Experts also found the site of the church within the friary - which also lead them to uncovering the lost garden of Robert Herrick.
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In 1485 King Richard III was defeated at the battle of Bosworth.
His body, stripped and despoiled, was brought to Leicester where he was buried in the church of the Franciscan Friary, known as the Grey Friars.
Over time the exact whereabouts of the Grey Friars became lost.
"This discovery adds a whole new dimension to a search which has already far exceeded our expectations. This is exciting news and I know that people across the world will be waiting to hear more about the university's find," Leicester's City Mayor Peter Soulsby was quoted as saying by the paper.