Justin Timberlake and Jessica Biel split

Jessica Biel and Justin Timberlake attend the Costume Institute Gala Benefit at The Metropolitan Museum of Art on May 3, 2010, in New York.

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(CBS) It's over between Justin Timberlake and Jessica Biel.

The pair, who began dating in 2007, have ended their relationship, it was confirmed Thursday.

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Reps for the couple released a statement about the split: "Addressing the media speculation regarding Jessica Biel and Justin Timberlake's relationship, we are confirming that they mutually have decided to part ways. The two remain friends and continue to hold the highest level of love and respect for each other."

"There are no hard feelings," a source told People magazine. "It was completely mutual and they both decided it was time to move on."

The source added that Biel, 29, is keeping her house in Los Angeles and that she and Timberlake, 30, will remain friends.

Biel's acting credits include "The A Team," "I Now Pronounce You Chuck and Larry" and the TV series "7th Heaven." Timberlake has appeared in films including "The Social Network."

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Splits