is reporting that Justin Timberlake and Jessica Biel have decided to end their relationship.

According to the report is was completely mutual and that they both decided it was time to move on.

Biel is said to be keeping her house in L.A. and the two will remain friends. Biel and Timberlake began dating in 2007.

The couple was last seen together getting cozy at the Vanity Fair party after the Academy Awards on Feb. 27.

Reps for the couple released a statement confirming the break up.

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, the statement read.