Australian billionaire James Packer and singer Mariah Carey have reportedly ended their relationship, according to media reports.

Woman's Day magazine is reporting today that the couple's engagement is off after Packer allegedly decided to end their relationship "over her new reality TV show and extravagant spending".

Packer has not appeared on Carey's Twitter feed since a July 12 picture which showed the couple with another unidentified man.

However the singer posted a picture of the couple on Instagram four weeks ago.

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A post shared by Mariah Carey (@mariahcarey) on

The glossy magazine also claimed that the tycoon has allowed her to keep her $10m diamond engagement ring.

The pair became engaged in January after a whirlwind romance of less than a year.

The duo remained coy on the details of their impending nuptials, but Mariah did suggest that the wedding would be a low-key event rather than an ostentatious affair.

"I can't really talk about them right now because everything is still being figured out," she teased, noting, "I never said it was gonna be a big wedding", she told People magazine, earlier this year.

The news comes after Mariah announced the cancellation of most of her South American tour, earlier this week.