The decision was mutual, according to the couple.
“I’ll always adore him and we will remain great friends,” Spears, 31, said in a statement.
In his own statement, the 41-year-old Trawick said the split marks a new chapter for the couple.
“I love and cherish her and her boys and we will be close forever,” he said, referring to Spears’ two sons with former husband Kevin Federline.
Spears and Trawick, who had been dating since 2009, became engaged in December 2011. It would have been the third trip down the aisle for Spears. In 2004, she had a quickie Las Vegas wedding with childhood friend Jason Alexander (the “marriage” lasted 55 hours). Later that year, she married Federline; they divorced in 2006.
News of the split comes as Spears announced she will not be returning as a judge on Fox’s “X Factor.”
“I had an incredible time doing the show and I love the other judges and I am so proud of my teens but it’s time for me to get back in the studio,” she said in a statement Friday.
Spears’ latest album, “Femme Fatale,” came out in 2011.
Meanwhile, a source close to the singer tells CNN she is in “serious talks” to perform in Las Vegas as part of a long-term residency.