The duo both appear in the CW drama The Vampire Diaries, playing Matt and Caroline respectively.
Their characters dated in past episodes of the show but the pair had kept their real life romance largely under wraps.
However, Us Weekly reports that they have now decided to stop dating.
Vampire Diaries co-stars Ian Somerhalder and Nina Dobrev are currently together and earlier this year denied rumours that Somerhalder had proposed.
Meanwhile, Paul Wesley's wife Torrey DeVitto joined the show's third season in the role of Meredith.
The Vampire Diaries will return for a fourth season on The CW later this year.