The retired cricket star - who become engaged to the 53-year-old actress in 2011 - remembers their relationship as the ''happiest time'' of his life, but Shane admitted that it ultimately became ''too difficult'' for them both.
He shared: ''Every relationship is different and it's whatever works for you two, is the right relationship.
''For us, we were great and it was the happiest time in my life. I was madly in love with Elizabeth.''
Shane and Elizabeth called off their engagement in 2013, but the Australian star has insisted he remains fond of the actress, revealing that their children have also remained close.
Shane told 'Good Morning Britain': ''We are still friends now, we still speak to each other all the time. Our kids speak to each other. Her son Damian speaks to my daughter Summer.
''Unfortunately, it just fizzled out. It wasn't anything I did wrong or she did wrong. It was just one of those things, it all got a bit too difficult.''
Meanwhile, Shane's ex-wife, Simone Callahan, recently admitted to being shocked when she discovered he was dating the English actress.
Simone - who has kids Brooke, Jackson and Summer with the ex-sportsman - said: ''I only knew Liz Hurley as the funny English actress from the 'Austin Powers' movie until I saw Shane kissing her. I had no idea he was with her in London.
''I remember getting up in the morning, turning on the computer and seeing those photos.
''I was shocked and embarrassed for the children because it was so public and this was just before the holidays. It ruined our Christmas.
''Shane is a little kid, like Peter Pan, and he doesn't think about how his actions will impact other people.''
'Good Morning Britain' airs weekdays from 6am to 8.30am on ITV.
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