The Aerosmith frontman and his fiancée are said to have split due to Tyler's efforts to remain sober during the band's upcoming tour, according to Gossip Cop.
While the pair have split up before, sources have claimed that the latest break will be for good.
However, a spokesperson for the band denied that Tyler's sobriety was down to the split, stating: "Just as any couple goes through trials and tribulations in a relationship, Steven and Erin are asking for their privacy at this time.
"They are engaged to be married and each is committed to their sobriety. Any claim to the contrary is absolutely false and misleading."
Tyler and Brady began dating in 2006, before announcing their engagement in January this year.
The singer has been married twice before, first to Cyrinda Foxe from 1978 to 1987 and later to Teresa Barrick from 1988 to 2006.
Earlier this year, Tyler joked that he decided to marry Erin Brady when she tied him up in bed.