According to US Weekly the 41-year-old actor parted ways with the 25-year-old stunner a little while back.
“They’ve been broken up for over a month. It was mutual,” a source told the publication.
“They both have intense work schedules and a lot going on in their lives right now. They both needed to take a break because of that. They are still friends and talking but it’s over,” the insider added.
As the four-time Oscar nominee gears up for another award’s season with his latest flick The Revenant, Kelly has just landed the role of a lifetime playing C.J. Parker alongside Dwayne "The Rock" in the Baywatch remake.
Despite her recent break-up, Kelly was all smiles as she filmed a series of cheeky videos showing off her best slow-motion run in the iconic high-cut red swimsuit made famous by Pamela Anderson.
"It's official! So excited to finally announce that I'll be joining @therock in the upcoming #BAYWATCH movie! It has been an amazing ride thus far, can't wait for what's to come! Feeling beyond blessed and grateful! Here we go!!" An elated Kelly revealed on Instagram.
Meanwhile, this most recent split marks the demise of yet another high-profile relationship for Leo.
Over the years the Blood Diamond actor has dated a bevy of talented and beautiful women including Blake Lively, Gisele Bundchen, Bar Refaeli, Erin Heatherton and Toni Garrn.
Kelly and Leo were first seen cosying up at the CFDA Awards after party in New York last June.
In the past, the passionate environmentalist has said he's in no rush to settle down and marry. "The truth is, its gonna happen when it's gonna happen. I'm just gonna let it happen naturally. I really am," he explained during an interview on This Morning last year.