Sloan famously popped the question to a surprised Inaba on a March 2011 Live with Kelly episode, but the Dancing with the Stars judge called off their engagement in early September.
Inaba assured Access Hollywood Live this week that she and Sloan have no hard feelings toward each other.
"Sometimes you find out you're not right for each other," she explained. "What's amazing is we're still really, really close friends and that's great."
The dancing judge also said that being single allows her more time to tend to her own needs.
"What's interesting is at 44, people might be scared to break it off. [Some think] 'OK, you're single at 44. That's gross. Loser'. But I think you have to follow your heart... and this is where it's led me," she commented.
Inaba added: "Now I get to work out every day... It was sort of a re-start."
She previously dated So You Think You Can Dance star Artem Chigvintsev for two years between 2006 and 2008.
Dancing with the Stars: All-Stars continues on Monday at 8/7c on ABC.