Britney Spears and her fiance Jason Trawick have split.

The singer, 31, confirmed to People that she and her former manager have ended their engagement.

"Jason and I have decided to call off our engagement. I'll always adore him and we will remain great friends," Spears said in the statement, with Trawick adding, "As this chapter ends for us a new one begins. I love and cherish her and her boys and we will be close forever."

"Britney Spears and Jason Trawick have mutually agreed to end their one-year engagement," her rep Jeff Raymond said. "As two mature adults, they came to the difficult decision to go their separate ways while continuing to remain friends."

Sources tell TMZ that it was a "friendly breakup" and the couple just "grew apart." The site has also confirmed that Trawick has been removed as Spears' co-conservator and her father Jamie Spears will once again take over her conservatorship.

Spears and Trawick began dating in 2009 and got engaged on Trawick's 40th birthday in December 2011. The former "X Factor" mentor -- who just announced she would not be returning to the show -- has two sons, Preston, 7, and Jayden, 6, with her ex-husband Kevin Federline, whom she divorced in 2006.

UPDATE: A source close to Britney confirmed to E! News that the mother of two returned her $90,000 engagement ring to now ex-fiancé Jason.

Loading Slideshow...
  • US singer, Britney Spears, arrives at the 1999 Bil

    LAS VEGAS, NV - DECEMBER 8: US singer, Britney Spears, arrives at the 1999 Billboard Music Awards, 08 December, 1999, held at the MGM Grand Arena in Las Vegas. (Photo credit should read BRIAN JONES/AFP/Getty Images)

  • US pop singer Britney Spears poses with the award

    LOS ANGELES, UNITED STATES: US pop singer Britney Spears poses with the award she won for favorite new artist at the 27th annual American Music Awards 17 January 2000 in Los Angeles. The American Music Awards winners are choesn by music listeners across the US. AFP PHOTO Jim RUYMEN/jr (Photo credit should read JIM RUYMEN/AFP/Getty Images)

  • 102.7 KIIS FM's Wango Tango 2013 - Arrivals

    CARSON, CA - MAY 11: Singer Britney Spears attends 102.7 KIIS FM's Wango Tango 2013 held at The Home Depot Center on May 11, 2013 in Carson, California. (Photo by Frazer Harrison/Getty Images)

  • Premiere Of Columbia Pictures' "Smurfs 2" - Arrivals

    WESTWOOD, CA - JULY 28: Singer Britney Spears attends the premiere of Columbia Pictures' 'Smurfs 2' at Regency Village Theatre on July 28, 2013 in Westwood, California. (Photo by Jason Merritt/Getty Images)

  • iHeartRadio Music Festival - Day 2 - Show

    LAS VEGAS, NV - SEPTEMBER 21: Singer Britney Spears introduces a performance by Miley Cyrus during the iHeartRadio Music Festival at the MGM Grand Garden Arena on September 21, 2013 in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images for Clear Channel)

  • Britney Spears Welcome Ceremony At Planet Hollywood Resort & Casino

    LAS VEGAS, NV - DECEMBER 03: Singer Britney Spears holds a bouquet of flowers at a welcome ceremony as she celebrates the release of her new album 'Britney Jean' and prepares for her two-year residency at Planet Hollywood Resort & Casino on December 3, 2013 in Las Vegas, Nevada. Spears' show 'Britney: Piece of Me' will debut at the resort on December 27, 2013. (Photo by Ethan Miller/Getty Images)

  • The 40th Annual People's Choice Awards - Press Room

    LOS ANGELES, CA - JANUARY 08: Singer Britney Spears, winner of the Favorite Pop Artist award, poses in the press room at The 40th Annual People's Choice Awards at Nokia Theatre L.A. Live on January 8, 2014 in Los Angeles, California. (Photo by Jason Merritt/Getty Images)