The couple allegedly began dating almost a year ago while working on Abduction, although their relationship has never been officially confirmed.
"It was a clean break that Taylor initiated," a source told Us Weekly regarding the split.
"At the Abduction party, it was awkward. They barely said a word to one another."
At the Los Angeles premiere for Abduction last week it was noted that Lautner walked the red carpet alone. The source added that Lautner "wants to be single for a while" and is ready to "move on" from Collins.
Abduction was released in cinemas across the US this weekend.
> Abduction - win premiere tickets
Watch a trailer for Abduction below: