A source close to the couple reportedly told Us Weekly that "it just wasn't working" between them and that the relationship "really did end on good terms."
"They are at two different stages in their careers," the source said about the couple. "They just didn't have time for each other."
The "After Earth" actress, 24, and the "Gossip Girl" actor, 26, began dating in the summer of 2011. They were allegedly living together in New York City before the split.
2014: The Year in Music [PHOTOS]