"Their schedules have been too hard to coordinate and he is focusing on finishing and promoting his album," a source told People. "They still have a great deal of love for one another and will remain friends."
The couple first met when the singer, whose real name is Abel Tesfaye, hired the 20-year-old model to appear in the artwork for his "Beauty Behind the Madness" album in April 2015.
Hadid also starred in the video for his single, In the Night.
"My motive was literally to work with her," The Weeknd said about hiring Hadid.
After going public with their relationship, Hadid spoke out about her boyfriend and how she didn't get caught up in his public persona.
"I'm dating Abel," she told Glamour magazine at the time. "I don't see him as The Weeknd. I'm proud of The Weeknd and the music he makes, but I really love Abel."
In spite of the split, the two are both scheduled to appear in the Victoria's Secret Fashion Show which will be filmed later this month and air on TV in December.