The two have been an item for 10 months, after first confirming their relationship back in May, when they both attended the Cannes film festival.
However, according to In Touch Weekly, they have now decided to end their romance, with a source close to the ‘Lord Of The Rings’ actor claiming things were getting a little on the serious side for him.
This has been contradicted by sources close to Katy, though, who insisted: “She said they were on different life paths and as much as she likes him, it’s time to move on.”
It’s all getting a bit Hiddleswift, isn’t it?
The former couple famously made headlines earlier this year, when they were snapped on a paddleboard in Sardinia, with Orlando appearing completely naked in the full-frontal pictures, which didn’t take long to get posted all over the internet.
They also had one of the year’s most memorable celebrity Halloween costumes, when they were snapped together dressed as Bill and Hillary Clinton.
Katy has previously been romantically involved with famous men including music producer Diplo, singer/songwriter John Mayer and Russell Brand, who she divorced in 2013.
Meanwhile, Orlando has a five-year-old son with his ex-wife, Miranda Kerr, and previously dated Kate Bosworth.