According to The Sun, the 42-year-old actor and Kelly Brook, 28, ended their relationship a month ago. A source told the tabloid, "The decision was made after long conversations here and in the U.S. They remain good friends."
A spokesperson for the actress also confirmed the news to People magazine, but made no other comments.
Billy Zane and Kelly Brook, who met in 2004 during the filming of the suspense Three, were planning to marry next year in England.