The Australian supermodel, who got together with property businessman Soffer in 2010 after splitting from former fiancé Arpad Busson, is believed to have ended the relationship recently.
According to the Daily Mail, Soffer's ongoing $594 million (£400 million) legal battle with his company took a severe toll on his relationship with Macpherson.
A friend said: "They were dating but it was rather on and off. She used to visit Jeff in Miami but they didn't spend Christmas together - she went home to Australia instead. She was due to go to an art festival in December with him but cancelled."
It was recently revealed that Busson, the father of Macpherson's two sons, is expecting a child with actress Uma Thurman. Another insider said that Macpherson is still struggling to recover from the end of her relationship with him.
They said: "There's a part of her that never really got over Arpad. But she's concentrating on moving on from Arpad and now Jeff too."
The 47-year-old star was romantically linked to 31-year-old actor Zachary Levi when she posed with him at a Golden Globes party last month, but her spokesperson insisted: "She is not dating Zachary."
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