The on-off couple, who just last month were seen cosying up together at the Grammy Awards, are said to have ended their relationship due to conflicting schedules.
"They are taking a break," an insider told Us Weekly. "It is because of busy schedules."
Marc, 45, and the 22-year-old Topshop heiress first started dating in February 2013 after Chloe's dad gave the couple his blessing.
The pair briefly split in April but then rekindled their relationship two months later when Marc and Chloe were spotted holidaying in St Tropez, France. At the time the couple were seen kissing and holding hands on board Sir Philip Green's £32million Benetti yacht.
The Latino singer, who has five-year-old twins Max and Emme with his ex-wife Jennifer Lopez, also has two teenage sons from his marriage to Dayanara Torres and a 19-year-old daughter, Ariana, with his ex-girlfriend Debbie Rosado.