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A$AP Rocky and Chanel Iman at amFAR's New York Fashion Week Gala 2014Getty

A$AP Rocky and Chanel Iman have reportedly broken up after nearly two years of dating and a six month engagement.

According to E! News, the 26-year-old rapper and 23-year-old supermodel are no longer together after drifting apart due to conflicting schedules.

"This happened about a few weeks ago. It was just not working out with both of their busy travel schedules," a source told the online news site.

The source added: "They really wanted it to work but time away from each other played a big part in the breakup."

The New York rapper is often travelling to perform or in the studio working on his second album, a follow-up to his debut, Long. Live. A$AP.

A$AP is currently in London, which is the first stop his A$AP Mob tour of Europe, which sees him and his crew visit England, Germany and Switzerland before finishing in North America.

The rapper is set to perform at the Red Bull Culture Clash in the capital on Thursday night (30 October), before heading to Germany.

Meanwhile, Iman, who has graced the covers of American Vogue and teen Vogue, continues to travel around the world for international photo-shoots and catwalk shows.

Although breaking up was a difficult decision, the pair reportedly hold no grudges for one another as they move on with their respective careers.

The couple, who began dating in early 2013, have not yet confirmed or denied the rumours.