The couple has a daughter, Valentina, who will be 1 in September. Usmagazine.com said. Pinault has two children from a previous marriage.
"We are sad to announce the engagement of Salma Hayek and Francois-Henri Pinault has been canceled," Hayek's representative said in a statement issued to USA Today. "There will be no further comment."
Hayek has starred in the films "From Dusk Till Dawn," "Dogma" and "Frida." She is also an executive producer on the ABC TV series, "Ugly Betty."