"They've been hanging by a thread for months," a source told the US publication.
"Now, they're as good as broken up and there will be no wedding."
According to the Enquirer's report, Miley "moved out" of the couple's Malibu home, leaving her engagement ring behind.
"Miley's been spending a lot more time at her parents' house," a friend tells.
"She needs time to herself."
The Enquirer adds that the LA songstress has been stressed about planning a massive celebrity wedding and is rethinking her commitment.
"She's accomplished a lot in her life, but there's still a lot she wants to do - and Miley doesn't want to have to answer to anybody," the insider added.
All we can say is PLS DON'T BE TRUE!!