Justin Timberlake and Jessica Biel are no longer dating, a source close to the pair told UsMagazine.com. The on-again, off-again couple finally decided to call it quits.

The couple's reps released the following statement: "Addressing the media speculation regarding Jessica Biel and Justin Timberlake's relationship, we are confirming that they mutually have decided to part ways. The two remain friends and continue to hold the highest level of love and respect for each other."

Timberlake, 30, and Biel, 29, began dating in January 2007 after meeting at a Golden Globes after-party. For months following the awards show, Biel and Timberlake were constantly photographed canoodling, but the pair didn't officially announce their relationship until May 2007.

Last January, Biel told Vogue of her relationship, "It's the most precious thing that I have in my life, and I care so much about it that I don't care about what anyone else says or thinks."