The Oscar-winner and his musician wife are said to be parting ways amicably but the divorce could cost Crowe upto USD 25 million, reported Daily Mail.
Crowe and Spencer first met 22 years ago while filming "The Crossing", eventually marrying in April 2003. They raise two sons together - eight-year-old Charles and six-year-old Tennyson.
Nothing has been confirmed about the split, but a representative for Spencer told a webiste that a statement will be released shortly.
The news came as a shock in showbusiness circles as the couple were regarded as having a strong marriage, despite the demands of their respective careers.
Crowe is currently busy filming for his new movie "Noah" in the US. The 48-year-old was snapped yesterday smiling broadly into a camera with his huge beard on display.