The duo took to Twitter to issue separate statements on the "tough decision".
Liam wrote "Cheryl and I are sad to announce that we are going our separate ways. It's been a tough decision for us to make. We still have so much love for each other as a family. Bear is our world and we ask that you respect his privacy as we navigate our way through this together."
Cheryl, too, posted a similar statement on the micro-blogging site.
"We are sad to announce that we are going our separate ways. It's been a tough decision for us to make. We still have so much love for each other as a family. Bear is our world and we ask that you respect his privacy as we navigate our way through this together," she tweeted.
According to People Magazine, the couple first went public with their romance in 2015. A year later, news of Cheryl's pregnancy began doing the rounds.
The couple welcomed their first child, Bear, on Mother's Day last year.
However, reports surfaced of an alleged rough patch in the couple's relationship, thus fuelling rumours of a split.
In March this year, Liam had shared an emotional post on Instagram as his son turned one, captioned.
"Can't believe my little man is one today, where does the time go? Happy birthday son you're my world."
