In a telling joint statement, the pair insisted, "We are not together anymore. It's very difficult and very personal," with insiders pointing to an interview Elisabetta did last month with Italian magazine, Chi, which may have spelt the end.
"I could never be with someone who every time he opens his mouth says he doesn't want a child with me or to marry me," she told the publication. "I am a firm believer in marriage. In the future I will be married."
Pals close to the Italian TV presenter and wannabe actress claim that, although she knew how anti-marriage George was, that she believed after enough time together, he would change his mind.
"Elisabetta is a traditional girl and wanted the fairytale," an LA source told the Daily Mail. "But George has never made a secret of his feelings and he wanted things to continue as they were."
And George himself has admitted he's not great boyfriend material, insisting, "Women get bored with me working all the time. If I was my girlfriend, I wouldn't put up with me."
New couples alert!
George and Elisabetta may be off, but these hot new couples are definitely on!
Emma Stone and Andrew Garfield
The Amazing Spider-Man co-stars are said to have fallen in love on the movie set, with a source spilling of Emma, 22 and Andrew, 27, "They got close during filming and have been hooking up."
Ashlee Simpson and Vincent Piazza
Ash debuted her new romance in New York last week, when she was spotted smooching with Boardwalk Empire's Vincent Piazza.