"Vanessa and Austin are officially broken up, and Vanessa has been telling those close to her about their breakup," stated the source.
The pair, who had previously enjoyed each other's company on a constant basis, did not post any photos together during this past holiday season.
While the 28-year-old Once Upon a Time in Hollywood actor was nowhere to be seen on Vanessa's social media, she showed up while exploring Switzerland on vacation at the end of December on Instagram.
Proving she is a snow bunny, the 31-year-old thespian was apparently not in Austin's company when she took on the Alps. After that, she celebrated the New Year in Scotland without him, according to People.
In Edinburgh, where she has been shooting the sequel to The Princess Switch, Vanessa reportedly took part in the Hogmanay celebration.
Vanessa previously dated High School Musical co-star Zac Efron, but they broke up in 2010 after dating for two years.
Her relationship with Austin began two years later, with the two showing up together in February 2012 at the Los Angeles premiere of Journey 2: The Mysterious Island.