RadarOnline.com has reached out to DiCaprio and Morrone's reps for comment but did not immediately hear back.
The actor, 47, and model have been romantically linked since January 2018, going official with their couple status by sitting together in the front row at the 2020 Oscars.
DiCaprio and Morrone became the talk of the town after attending Ellen DeGeneres' star-studded 60th birthday bash years ago.
Prior to PEOPLE's bombshell split report, all appeared to be well when they were photographed spending the Fourth of July together this summer. They were spotted living it up on the beach in Malibu.
Fans are already sounding off about the breakup news, with many pointing out that DiCaprio is a well-known bachelor in between relationships and is rumored to dump girls when they are around the age of 25.
Morrone turned 25 in July.
Interestingly, insiders squashed split rumors to RadarOnline.com a few months back. Sources told us there was "no truth" to the speculation in February. Our insiders even said the breakup theories came out of left field.
Fans were convinced DiCaprio was back to the single life after a tipster told the celeb-gossip Instagram account Deuxmoi that she witnessed him flirting during his boys' night out with Spiderman actor Tobey Maguire.
The rumors were ultimately dispelled after another eagle-eyed tipster pointed to a photo of a brunette female with the group wearing a hat.
RadarOnline.com later confirmed the woman wearing the hat was indeed Morrone, who is Al Pacino's stepdaughter, as she had joined them that evening.
Morrone has always spoken very fondly about her romance with DiCaprio over the years, addressing their age difference and more during an interview with the Los Angeles Times in December 2019.
"There's so many relationships in Hollywood — and in the history of the world — where people have large age gaps," she said. "I just think anyone should be able to date who they want to date."