Justin Timberlake, Jessica Biel Break Up

A joint statement from the two stars says they 'continue to hold the highest level of love and respect for each other.'

They may have been all smiles at the Vanity Fair Oscar party earlier this month, but [artist id="1231683"]Justin Timberlake[/artist] and Jessica Biel now have revealed that they have split up.

(See photos of Justin Timberlake and Jessica Biel throughout their relationship.)

A rep for the pair confirmed the news in a statement issued on Thursday that read, "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."

A source tells People.com that "there are no hard feelings" between the two stars, adding, "It was completely mutual and they both decided it was time to move on." Other sources also confirmed to UsMagazine.com and TMZ that the split was mutual.

However, E! News has conflicting reports about how Biel is handling the breakup. One insider claims that it was Timberlake who ended the on-again, off-again relationship and that the actress is "devastated" over the split. However, an unidentified friend of Biel begs to differ, saying, "Jessica is not devastated. That's just crap. She's a very independent, proud woman with her own career, she's fine."

The two began dating in 2007, after Timberlake had several other high-profile relationships with stars including Cameron Diaz and, of course, Britney Spears. During their time together, Biel and Timberlake had been constantly plagued with rumors of splits and infidelities. In an interview with Vogue last year, Biel insisted that she didn't feel the need to explain their relationship to the press.

"I don't want to talk about it," she said. "I don't feel the need to clear anything up. It's the most precious thing that I have in my life, and I care about it so much that I don't care about what anyone says or thinks. I have just not addressed it in any real way, and I'm not going to. It's mine. And I really like that about it."

What do you think about Jessica and Justin's breakup? Share your opinions in the comments.