A man, 33, was arrested in Cardiff, Lake Macquarie, on Thursday and taken to Belmont Police Station, and a woman, 32, was arrested at a home in the Newcastle suburb of Holmesville an hour later.

The body of the 29-year-old Easey, a mother of two, was found floating in Cockle Creek at Killingworth on August 31.

An autopsy revealed she had been seriously assaulted and stabbed. Police believe she may have been killed weeks before she was found.

Detective Acting Superintendent Jason Dickinson told reporters on Thursday that police were not looking to make more arrests at this stage.

He said the pair would likely be charged by the end of the day but could not confirm they would be charged with murder.

"That's something that's progressing. I anticipate there will be charges later on today. The exact nature of those charges, and who is charging what, will be forthcoming later in the day," Det Acting Supt Dickinson said.

"Based on the information we have to hand today, there's nothing indicating there's any other people involved."

Police searched the two properties where the arrests were made as well as a home in the Central Coast suburb of Narara. A Mitsubishi vehicle was also seized.

Ms Easey, who was known to police, lived in Booragul in Lake Macquarie but more recently was couch surfing at homes in the area.

Police said she had recently become involved in the drug scene and her family last had contact with her several weeks before the discovery of her body.

Det Acting Supt Dickinson said police had been in frequent touch with Ms Easey's family and information from the public had played a large role in the arrests.

He said police believed the two arrested people and Ms Easey were associates for "a number of years".

Australian Associated Press