Sean Penn and Charlize Theron are rumored to have called off their engagement and ended their nearly two-year-old relationship.

According to Us Weekly, the high-profile couple and fellow Oscar winners recently called it quits after returning from a trip to the Cannes Film Festival in France. Reportedly, 39-year-old "Monster" star Theron was the one who pulled the plug.

The website adds the two knew each other for years before they started dating in December 2013. Supposedly, the couple became secretly engaged about a year later, with a source telling Us Weekly, "There's no ring, but they are committed."

Even more recently, Penn, 54, assured Esquire UK he was ready to put the stench of his failed marriages to Madonna and Robin Wright behind him and again be a husband where Theron was concerned.

"You say I've been married twice before, but I've been married under circumstances where I was less informed than I am today," he said. "So I wouldn't even consider it a third marriage, I'd consider it a first marriage on its own terms if I got married again."

While admitting he was surprised to find himself in love again, Penn stressed he felt lucky to have someone like Theron in his corner.

"To run into somebody now who you care about is a much more passionate, deeper, truer and -- God! -- a much happier feeling," he said. "It's a lot more romantic and a lot more fulfilling to be in a relationship and to think you're a good person within it."

Previously linked to Craig Bierko and Stuart Townsend, Theron also gushed about having the "Carlito's Way" actor by her side.

"Putting aside that he's my partner, he's the love of my life," she said. "For the first time, I felt that my work was really bleeding into my life and that made it hard."