Sloan, 40, proposed to Inaba, 44, on TV's "Live! with Regis and Kelly" in March 2011.
"They decided early in the summer to break off their engagement and have remained friends," Inaba's representative told People.com Monday.
No reason was given for the split.
Inaba is a judge on the competition series "Dancing with the Stars."
2014: The Year in Music [PHOTOS]