The Oscar winner, 42, and Sports Illustrated model, 25, called it quits a few days back, reported Us Weekly.
"They broke up a couple days ago. They remain in touch. They both felt the relationship ran its course. It's amicable. They still do talk and remain friends," a source said.
The supermodel and actor were last spotted sharing a kiss in New York City last month.
DiCaprio has previously dated Kelly Rohrbach, Toni Garrn and Anne Vyalitsyna. He also dated Bar Refaeli from 2006 to 2011 and Gisele Bundchen from 2000 to 2005.