The glamour model took to her blog to announce the 'sad' news on Tuesday evening after attending the Skyfall premiere alone in London in a disastrous black dress.
She first notified her fans she had something to announce as she wrote on her Twitter page: 'Its sad to announce,' before posting a link to her own website where a rather long-winded statement entitled 'Leo and I' had been posted.
The link led fans to a written announcement revealing she had called it a day with Leandro.
A representative for Katie wrote: 'Despite remaining firm friends and having a deep affection for each other Kate and Leo have decided to separate.'
Price then claimed the reason for the split is merely because it has 'run it's course.'
She added: 'Leo and I have had a lovely fun time for a couple of years, we will always feel deep affection for each other, but sometimes relationships just run their course.
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