The celebrity couple, who've been together for five years after meeting back in 2011, are thought to have parted ways due to long distance.
Rumours began circulating that the pair had split after Lady Gaga - real name Stefani Joanne Angelina Germanotta - was spotted without her engagement ring, and the singer has since taken to her social media account to release her own emotional statement.
Posting a black and white photo taken behind the pair as they embrace, her heart-felt caption reads: 'Taylor and I have always believed we are soulmates. Just like all couples we have ups and downs, and we have been taking a break.
'We are both ambitious artists, hoping to work through long-distance and complicated schedules to continue the simple love we have always shared. Please root us on. We're just like everybody else and we really love each other.'
The news has come as a shock to many of their fans, with many offering their messages of support. One commented: 'Rooting for the both of you! Thank you for sharing this with us', while another added: 'please continue to fight for that magical love you share! Good luck!!!'
The couple first met in 2011 on the set of the pop star's music video You And I, and after four years of dating Taylor popped the question on Valentine's Day 2015, with a stunning heart-shaped engagement ring.
Designed by jeweller to the stars Lorraine Schwartz, it features a diamond-studded setting and band with a message created in the stones (Taylor had the letters T and S separated by a heart symbol put onto the band's base).
Actor Taylor previously told Mail Online in January that he didn't want to be involved in planning the pair's nuptials.
'I'll leave it up to her, that's in her court,' he said. Commenting on whether they'd set a date yet, he added: 'We keep on, back and forth on dates, and I think it'll just be a surprise,' he revealed.