The queen of pop, 63, and Williams, 28, were last spotted out and about on a romantic dinner date in January and it seems they have grown apart in recent weeks.
"Madonna has thrown herself into a busy social life and has been seeing her friends and family after the split," an insider told The Sun about what fueled their breakup.
"She has a packed schedule, working on her upcoming biopic, new music and looking after her family," added the source, mentioning they have been on and off. "With them both working on other things, it was hard to keep their romance alight."
As for their current status, it appears to be strictly platonic. "There's a lot of love but for now they have decided to separate," the insider claimed. "They are still on good terms and there are no hard feelings but they are at different places with their lives."
Radar has reached out to Madonna's team for comment.
The Material Girl singer and her now-former flame were last joined by her son David while grabbing a bite to eat at Cecconi's in West Hollywood just a few months ago.
Madonna and Williams appeared to be in great spirits that evening, smiling at photographers as she lovingly wrapped her arm around his.
Williams' father, Drue, previously said the pair met when Williams auditioned for her Rebel Heart tour back in 2015. Madonna chose him as one of her backup dancers.
Although some fans have criticized the duo for their 35-year age gap, Drue highlighted that "love has no age."
By February 2021, Madonna was more than ready to proclaim her love on social media, sharing a heartfelt tribute to Williams while celebrating how far they had come together.
"Been around the world with my valentine this year," she gushed in her caption alongside pics of the duo packing on PDA. "Oh what a beautiful trip. Happy Valentine's Day, Mr. Williams."
Madonna's most recent photos with Williams were shared in December while celebrating the holidays with loved ones.