The couple planned to marry in the summer but Jez, 46 - who would have been Patsy's 4th husband - is reported to have had a change of heart.
'As the wedding became a reality, I just don't think he could go through with such a commitment,' a source tells the Sun. 'Patsy must be gutted she surely thought she'd found the one this time.'
Patsy, 40, has been the bride of three musicians - Dan Donovan, 45, Jim Kerr, 48, and Liam Gallagher, 35.
She has son James with Jim and another son Lennon with Liam.