The supermodel - who has a six-year-old son Augustin James following a short fling with billionaire François-Henri Pinault - and the Hard Rock businessman have reportedly called time on their relationship because they couldn`t agree on where to live.
According to the New York Post`s Page Six, Linda wants to remain in New York while Peter would prefer to spend the majority of his time at his Malibu home.
Linda, 48, started dating Peter - who is 19 years her senior - in 2006 while she was pregnant with Augustin.
He stood by her during her child-custody battle with Mr. Pinault - who is now married to Salma Hayek - which was settled in May 2012.
The couple previously split in 2010 with friends blaming their contrasting opinions on where to live and the disapproval of his family on the break-up.
A source said at the time: "Peter is very settled in Malibu and loves Los Angeles, while Linda liked to spend time in Canada and with her friends in New York.
"Some members of Peter`s family were not too fond of her, and were dismayed when she appeared around last Thanksgiving with a large diamond ring on her finger. But the marriage never happened."