The relationship fizzled out because Rafaeli, 24 was keen to settle down and set up home with the actor, while DiCaprio was not ready to fully commit to her, reported People magazine online.

"They're taking time off. For the time being they've split. It could just end up as a break, but for now they're doing their own thing," a source close to the couple told the publication.

"She wanted to move faster than he did, she wanted to move in together, so he broke it off," the source added.

Reports that the 3-year-old relationship was in trouble began circulating after the 34-year-old 'Titanic' star was seen flirting with several women while partying in New York.

"He was standing at the bar in front of everyone talking to a girl the entire night, and it wasn't Bar. It was in no way behaviour for a guy who has a serious girlfriend," an onlooker at the club had said.

There was clear indication that the relationship was nearing it's end as Rafaeli had been making solo appearances recently including the Metropolitan Museum's Costume Gala and Hollywood Life's 11th Annual Young Hollywood Awards .