Cherie Townsend, 39, had been arrested in the death of Susan Leeds, who was stabbed to death on May 3.
Police believe robbery was the motive in the killing that took place in Promenade on the Peninsula's parking structure.
Rolling Hills Estates officials said Monday afternoon that Townsend is expected to be released from the custody of the Los Angeles County Sheriff's Department. It was not known when she would be released from custody.
The District Attorney's Office has asked for detectives to perform additional follow-up work in their investigation.