"It was amicable, they're still friends, and they are still talking," a source tells the paper. "They just grew apart and went their separate ways."
For those keeping track, this is the third time the actor, 36, and the leggy Israeli model-cum-swimsuit enthusiast, 25, have called it quits, following relationship breathers in 2007 and 2009.
"Neither were ready to settle down," explains the insider, "and both have busy careers that have been taking them in different directions."
Modelizing but spotlight-shy Leo hooked up with Bar in the wake of his 2005 split from Gisele Bundchen, and they did their best to keep the romance under the radar.
"I am there for him and I am at all the events," Refaeli said last year. "I just don't walk in hand-in-hand with him. I don't see any reason. I don't need to strike poses with him in front of the cameras."
She did strike a pose on May 2 at the annual Costume Institute Gala at New York's Metropolitan Museum of Art. DiCaprio, however, was a no-show, opting instead to hang with his posse at a local club.
His absence reinforced rift rumblings, which started percolating last month after Leo enjoyed a guys' weekend in Mexico with Bradley Cooper and producer Ryan Kavanaugh.
Still, at least one person won't be surprised if DiCaprio and Refaeli reconcile.
"They do this every two years," a spy tells Us. "They could be back together next week."
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