Trawik was the singer's manager and they eventually began dating confirming their relationship in May 2010, People reported.
But they have separated and their breakup was a "friendly" one, according to the sources, TMZ reported breaking the news first.
The former manager was also a co-conservator along with Spear's dad Jamie Spears. Trawik could take decisions as a co-conservator on Spear's career and her well-being.
The decision to split was made as they "grew apart" over time.
"Britney Spears and Jason Trawik have mutually agreed to end their one-year engagement. As two mature adults, they came to the difficult decision to go their separate ways while continuing to remain friends " said a representative for Spears, People reported.
"Jason and I have decided to call off our engagement. I'll always adore him and we will remain great friends," Spears said in a statement.
Trawik too issued a statement saying, "As this chapter ends for us a new one begins. I love and cherish her and her boys and we will be close forever."
Spears and Trawik got engaged in December 2011.
Spears Quits "The X Factor"
Spears has confirmed reports that she will be quitting the reality talent TV show, "The X Factor," Jan. 11.
She issued a statement making clear that it was a "very difficult decision."
"I had an incredible time doing the show and I love the other judges and I am so proud of my teens but it's time for me to get back in the studio. Watching them all do their thing up on that stage every week made me miss performing so much! I can't wait to get back out there and do what I love most," Spears said in a statement, TMZ reported.
Spears is reportedly hitting studio in preparation for her eight studio album. She is also in "serious talks" to headline a show in Las Vegas, TMZ reported.
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