"Britney Spears and Jason Trawick have mutually agreed to end their one-year engagement," her rep said. "As two mature adults, they came to the difficult decision to go their separate ways while continuing to remain friends."
Added Spears: "I'll always adore him and we will remain great friends."
Spears and Trawick first met in 2006 when Trawick became her agent. They began dating in 2009, and he proposed in 2011 on his 40th birthday.
According to TMZ, which first reported the news, Trawick's lawyers are currently in court trying to get Trawick removed as Spears' co-conservator.
The news of the split comes just days after the 31-year-old quit her X Factor judging gig to avoid being fired. A source close to Spears said Friday the singer is interested in possibly headlining a show in Las Vegas.