The news comes after weeks of speculation about the future of the couple's relationship.
In a joint statement to US morning show Today on Thursday, they said they were “better off as friends”.
“We have realised we are better as friends and look forward to remaining so.
“We will continue to work together and support each other on our shared businesses and projects.
“We wish the best for each other and one another’s children.
“Out of respect for them, the only other comment we have to say is thank-you to everyone who has sent kind words and support.”
After rumours began to swirl last month that the couple had called it quits, they said in a joint statement: “All the reports are inaccurate. We are working through some things.”
Ms Lopez shares twins Max and Emme, 13, with ex-husband Marc Anthony.
Mr Rodriguez shares daughters Natasha, 16, and Ella, 12, with ex-wife Cynthia Scurtis.
They were collectively known as J-Rod, an amalgamation of Lopez’s nickname J-Lo and Rodriguez’s nickname A-Rod.