A spokesperson for Button confirmed the news to MailOnline in a statement which reads: "Jenson and Jessica have decided to go their separate ways and it is very amicable. There is no one else involved."
The driver, 35, met the Argentine-Japanese beauty in 2008 and they dated on-and-off for the next few years. They got engaged in 2011 and tied the knot in a lavish ceremony in Maui, Hawaii last December (14).
Earlier this year (15), Button admitted their busy lives and often-long-distance relationships has put a strain on them, telling Britain's Mail on Sunday, "We don't see each other any more than before we were married. Jessie still works a lot in Japan. She enjoys her job, she models, she had a television show and has done a Japanese film. She enjoys working, which is great, but it obviously means that we don't see each other very often."
According to The Sun newspaper, the couple did not have a prenuptial agreement, and there are "discussions" underway over the driver's $52.5 million (£35 million) fortune.