The pair began dating in 2017 and announced that they were engaged in 2019.
However, on Thursday morning, the Jenny From The Block singer confirmed that she and Alex had decided to call off their engagement, just weeks after denying that they had split.
In a joint statement given to US broadcaster NBC’s The Today Show, the former couple said: “We have realised we are better as friends and look forward to remaining so.
“We will continue to work together and support each other on our shared businesses and projects.”
They added: “We wish the best for each other and one another’s children. Out of respect for them, the only other comment we have to say is thank-you to everyone who has sent kind words and support.”
It was first rumoured that J-Lo and A-Rod had called it quits last month, and while they insisted at the time that these stories were “inaccurate”, they also said in a statement they were “working through some things”.
Jennifer has been married three times, including to fellow singer Marc Anthony – with whom she has 13-year-old twins, Max and Emme – for 10 years.
She was previously married to Ojani Noa and former back-up dancer Cris Judd, and got engaged to actor Ben Affleck in 2002, but they split a year later.
Meanwhile, Alex has two teenage daughters with his ex-wife, Cynthia Scurtis, to whom he was married for six years.