The now-former duo released a joint statement Thursday morning, announcing their decision.
"We have realized we are better as friends and look forward to remaining so," they told TODAY. "We will continue to work together and support each other on our shared businesses and projects. We wish the best for each other and one another's children."
They added, "Out of respect for them, the only other comment we have to say is thank you to everyone who has sent kind words and support."
Earlier this year, Lopez, 51, and Rodriguez, 45, faced their first public scandal following reports the MLB star stepped out on the singer with Southern Charm star Madison LeCroy, 30.
LeCroy admitted to engaging in FaceTime conversations with A-Rod but said she was only an "acquaintance" of the baseball player. She also denied sleeping with J.Lo's fiancé, despite her Bravo co-star claiming that wasn't true.
After news of the alleged infidelity swept the entertainment world, it was reported that J.Lo called off the engagement; however, a source claimed there was no truth to the split.
Days later, Rodriguez seemingly put the breakup rumors to rest when he showed up in the Caribbean where Lopez had been filming her new movie.
But it seems the reconciliation was short-lived; they haven't been spotted together since their packed-on PDA session in March.
And just this past weekend, Jennifer was spotted without her $1.8 million engagement ring, which Alex gave her in the Bahamas in March 2019.
The actress made heads turn when she dropped a series of sexy shots on Saturday, but when fans noticed she wasn't wearing her giant bling, they began to question her relationship status. Turns out, the internet sleuths were right.
Lopez was previously married to Ojani Noa from 1997 to1998, then to Cris Judd from 2001 to 2003 and finally to Marc Anthony – with whom she shares her only two children, 13-year-old twins Max and Emme – from 2004 to 2014.
As for Rodriguez, he is dad to daughters Natasha, 16, and Ella, 12, with ex-wife Cynthia Scurtis.