Britney Spears and Jason Trawick announced their engagement in December 2011, after confirming they were dating in May 2010.
A source said the pair had been sleeping in separate bedrooms and their once strong relationship had fizzled into more of a friendship.
Britney Spears, 31, said in a statement: “Jason and I have decided to call off our engagement. I’ll always adore him and we will remain great friends.”
Jason Trawick added: “As this chapter ends for us a new one begins. I love and cherish her and her boys and we will be close forever.”
Britntey Spears’ representative Jeff Raymond said: “Britney Spears and Jason Trawick have mutually agreed to end their one-year engagement.
“As two mature adults, they came to the difficult decision to go their separate ways while continuing to remain friends.”
Jason Trawick also acted as Britney Spears’ manager, and the pop star has now changed management, indicating the pair are also severing ties in their business relationship. Jason Trawick has reportedly resigned as Britney Spears’ co-conservator, but her father Jamie Spears will remain as conservator.
Further reports claim Jason Trawick has already moved out of the home the couple shared together, according to Radar Online.
It comes the same day as Britney Spears confirmed she had quit her role as a judge on the X Factor.
According to the official statement released on Friday, Britney Spears put in her resignation for the talent competition series on the same day.
“I had an incredible time doing the show and I love the other judges and I am so proud of my teens but it’s time for me to get back in the studio,” she said, referring to her eighth album.
“Watching them all do their thing up on that stage every week made me miss performing so much! I can’t wait to get back out there and do what I love most.”
However, her team has reportedly already begun “serious talks” for lucrative sitcom and Las Vegas concert deals.
According to TMZ, Britney Spears and her people have been in serious negotiations with one of the Caesars group properties for “a while”.
Britney Spears is likely being wooed to star in her own long-running show at the Colloseum at Caesar’s Palace since that is where Cher and Celine Dion also held residencies.
Celine Dion scored $100 million a year to headline her show and her previous A New Day show grossed more than $400 million over five years.
Cher also struck a lucrative deal with the casino where she performed for three years at $60 million a year.
An insider noted that Britney Spears could probably rake even more than either of the other pop legends in her deal.
Her team is also reportedly looking into possible sitcom appearances.
A Radar Online source said: “Britney’s manager, Larry Rudolph, is reading television scripts that the singer could accept. Britney’s dad, Jamie feels that having his daughter on a sitcom would be a good fit for her.
“Britney needs to be kept busy, and a structured environment such as a television sitcom would be a natural fit for her. She actually has very natural comedic talents and is very funny, in an airhead sort of way.”
Simon Cowell, 53, was reportedly disappointed with his $15 million contracted employee on the talent competition since he wanted “crazy Britney, but he got boring Britney”.
According to Us Weekly, the network “paid all that for her to say <<amazing>> and offer half-claps” for her four protégées.
The December 20 second season finale was watched by only 9.6 million viewers, down 18% from the first season finale.
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