"This was mutual. They needed some time apart," the source told the magazine.
Despite the report of a breakup, Hough, 21, and Wicks are both still expected to attend the Country Music Association Awards on Wednesday where Hough will present and Wicks, 30, will cover the red carpet for Entertainment Tonight.
Hough, also a country singer, and Wicks became close while touring with Brad Paisley, and the two walked the red carpet together for the first time at last year's CMAs.
Calls to Hough and Wicks' reps were not immediately returned to TVGuide.com.