The duo were first romantically linked in November 2010 and then reconnected earlier this summer, reported Aceshowbiz.
"They'll end up as friends. They were honestly having fun. People made it out to be far more than it was. She's really upset about it," a source said.
Their representatives remain quiet on the matter, but it is said that Mayer dumped Perry.
"She held off from his advances for the longest time. She eventually gave in, fell head over heels for him and then once he had made his conquest, he dumped her," the source added.
Just a few days earlier, Perry and Mayer were spotted leaving a house party together in Los Feliz.
Perry was previously married to Russell Brand. After divorcing, she was linked to Florence and the Machine's guitarist Robert Ackroyd.