The split comes less than a week after Cosmopolitan published an open letter from Caroline to Andrew, describing her former fiancé as "the one I've been waiting for".
"At this point she feels like he has used her so much, and that he's full of lies".
Sources told the publication that Caroline had been looking after The Apprentice star financially.
A friend said: 'Caroline is heartbroken.
She believed Andrew was The One, but now she believes he was using her.
'It's a frightful situation, especially when she's in the middle of hosting Love Island.
In the pic, Caroline put on a sizzling display as she lay across a yacht wearing a teeny bikini and cap emblazoned with the moniker Mrs Brady. MailOnline has contacted Andrew's representatives. "She's finally realised all the rumours about him were true".
The Love Island presenter took to Twitter to post a single crying emoji, whilst Andrew shared a statement on his Instagram stories which read, "Sad to announce Caroline and I have chose to part ways". Unfortunately it was not to be. I wish him all the best, ' she said, adding: 'At least there's a villa waiting for me. "It's back to the ol" grafting'.
However, just three months later the couple have gone their separate ways - meaning Caroline will have to get rid of her flashy ring, which has a sentimental meaning - after releasing a statement. Caroline, 38, and Andrew, 27, kept their distance as they walked the pug puppy, as their body language suggested there was friction between them.
The former X Factor presenter announced the engagement on her Instagram a few months ago, in a post that since appears to have been deleted.
She said: 'People talk about meeting someone and feeling as though you've known them your whole life.
"I saw you on TV before we'd even met". I've never had that before - with anyone. Talking to you was effortless. It just goes to show, you never know what's around the corner. It was how all first dates should be.
The "Love Island" presenter and the former "Apprentice" star started dating in January and got engaged in April when he popped the question, but they have now chose to go their separate ways.