A spokesman for 32-year-old Elisabetta added, "It is a very personal and sad matter, and Elisabetta wants it to remain that way. She will take some time and will then face the press. She has not authorized me to say when the split happened."
The celebrity couple was first seen in public at the Venice Film Festival in 2009, and had been spotted together in Italy as recently as last week, the magazine reported.
George, the handsome star of movies such as Ocean's Eleven and an Oscar winner for his supporting role in the film drama Syriana, has been one of Hollywood's leading bachelors since his days on TV hospital drama ER.
The 50-year-old actor, voted Sexiest Man Alive by a magazine in 1997, was married to actress Talia Balsam from 1989 to 93, but has downplayed the chances of getting hitched again. "I gave it a shot," said George, whose girlfriends included Renee Zellwegger.
When George was younger, Michelle Pfeiffer and Nicole Kidman both bet US $10,000 each that he would be a father before he turned 40. They were both wrong, and each sent him a cheque, according to a movie industry database. George, however, returned the money, betting double or nothing that he wouldn't have kids by age 50, which he turned in May this year.
Meanwhile, George's The Ides of March, a thriller about a US presidential campaign, will open this year's Venice Film Festival and will compete for the coveted Golden Lion award, organizers said.
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