Blake Lively & Leonardo DiCaprio Split: Insiders Reveal What Went Wrong!

Source close to the ex-lovers tell us that Leo & Blake ended their five-month relationship because they both realized they had ‘big egos’ and didn’t want to tie the knot — but don’t rule out a reconciliation!

Leonardo DiCaprio, 36, and Blake Lively, 24, have officially called it quits and HollywoodLife.com knows why! Did one of them cheat? No. Fall out of love? Nope. It was all because of …

distance! A source close to the couple tells us that Leo will be in Australia until the end of the year shooting The Great Gatsby and that the nearly 20 hour flight and more than 12 hour time difference really took its toll.

“Long distance isn’t easy,” our source tells us. “They were both feeling it but they ended on great terms. No one ever believes a break up is amicable but in this case it really was.”

Another source tells us that their whirlwind romance was about “fun and good times” and since they are both such big stars they decided they couldn’t continue dating unless they were ready to “take it to another level.”

“They decided to quit while they were ahead,” the source adds.

Blake’s rep confirmed the break up to Us Weekly and Leo’s rep confirmed it to HollywoodLife.com. So what about those reports that Leo had never been so “smitten” and that he was planning to propose?

“Don’t be surprised if you see them back together in six months,” our source says. “This has nothing to do with having feelings for anyone else.”

Blake and Leo first hooked up in May 2011 at the Cannes Film Festival, where they got everyone talking with their PDA on Steven Spielberg‘s private yacht. Since then, they’ve taken their love all across the globe. Although their hot romance is over you know what they say: if you set love free and it comes back … it’s meant to be!