The 'The Vampire Diaries' star - who is known for playing the role of Stefan Salvatore in the popular television series - has called time on his relationship with the 27-year-old beauty because they felt their romance had reportedly ''ran its course''.
Speaking to E! News about the break-up, a source said: ''The relationship just ran its course.''
However, it is believed the pair will still remain ''good friends'' despite going their separate ways.
The source continued: ''They are still good friends.''
The 34-year-old actor met the brunette beauty in 2012 after the pair met on set of the American drama, but it wasn't until the following summer the pair set tongues wagging they were officially an item.
The couple have since caused speculation their romance was on the rocks in December last year as they were last spotted in public together just days before Christmas, but have since failed to post anything on social media about one another, which they commonly did during their relationship.
However, neither Paul or Phoebe have yet to comment on the news.
Meanwhile the dark-haired hunk has been spending time in Toronto, Canada, and is set for a busy few months ahead as he is on board to direct an episode of 'Shadowhunters', which is set to star Matthew Daddario, Katherine McNamara, Isaiah Mustafa and Dominic Sherwood.
And 'The Originals' star has enjoyed attending fashion shows, including the Chanel showcase earlier this week, in the French capital during Paris Fashion Week.
Speaking previously about the exhibition, she said: ''Today was one of the most incredible, educational and magical experiences of my life. To visit Gabrielle Chanel's apartment in Paris and to learn about her history and the heritage of the house was so inspiring and a dream come true (sic).''
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