The former "Melrose Place" co-stars started dating in 2007 and in August announced their plans to wed.
"Jack and Heather are no longer engaged," Locklear's representative told Us Weekly Tuesday.
No reason was given for the decision and the magazine did not say if the couple had broken up or simply decided not to get married.
Wagner, 52, divorced Kristina Wagner, his one-time "General Hospital" wife, in 2006.
Rosie O'Donnell unveils nearly 50-pound weight loss
Putin thinks Obama would save him if he were drowning