The couple began dating in 2009.
"Jason and I have decided to call off our engagement," Spears said in a statement to People.com. "I'll always adore him and we will remain great friends."
"As this chapter ends for us, a new one begins. I love and cherish her and her boys and we will be close forever," Trawick said.
Spears has two sons with her ex-husband, Kevin Federline.
Friday was a big day for news about the 31-year-old singer. She also announced she has no plans to return for a second season as a judge on TV's "The X Factor."