UPDATE: A Bonas family source confirms the breakup and says, "It's very sad that they have decided to split. It's very amicable, but they have decided to go their separate ways."
"They're off, but I don't think it's for good," a source told Us. "They hit a rocky patch and this decision is the result of that. Harry is the type to want to take breathers and then try again." A spokesman at Kensington Palace tells Us: "We never comment on private lives."
The socialite Bonas, 25, was introduced to the Prince by her friend and Harry's cousin, Princess Eugenie of York. The pair appeared cozy for months after an early appearance at The Dark Knight Rises premiere in London in July 2012.
Last fall, word spread that wedding bells may be in the works for the pair—a rumor Bonas' brother quickly shot down.
In an interview with the Evening Standard, Jacobi Anstruther-Gough-Calthorpe called the speculation that his half-sister Bonas was engaged to Harry "ludicrous," going on to add, "It’s challenging, you can’t deny it. It’s not something that is easy for anyone dating a royal or marrying into the family or anyone in the royal family themselves. I think on some level it is different to any other type of fame."
In recent weeks, there have been rumors that there was trouble brewing between the couple. The Duchess of Cambridge Kate Middleton had reportedly been spending the past few months advising Bonas on fitting in to the royal lifestyle.
The newly single Prince Harry is scheduled to travel to the United States this week with his brother Prince William. The siblings will attend the wedding of their good friend Guy Pelly in Memphis, Tenn.