The news comes as 33-year-old Nico packed in his job in London to work for a hedge fund in Switzerland. And although some say distance makes the heart grow fonder, it seems distance makes the heart, er, break up with the other heart in this instance.
According to Celebrity Dirty Laundry, the duo are headed for "splitsville".
"And what are these reports based on?" we hear you ask. Well if Nico was truly serious about Pippa, claims CDL's report, he'd have asked her to join him in Switzerland or at least popped the question.
"If he hasn't done either - and Pippa's staying in England - then it's just a matter of time before they break up," of course!
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However, a source told the Evening Standard that the couple's relationship - who have been dating for almost two years - is stronger than ever.
"They are very much an item, their relationship is very strong and they are happy together."
The news comes as the Duchess of Cambridge's little sister claimed her now-famous royal wedding dress was designed to "blend in".
Speaking about the world's reaction to the frock, Pippa told Today: "It was completely unexpected.
"You know, I think the plan was not really for it to be a significant dress. Really just to sort of blend in with the train."
LOVE PIPPA? See more from her in the gallery below.