The 50-year-old hunk - who has previously dated British beauty LISA SNOWDON and was married to actress Talia Balsam for four years until 1993 - has released a joint statement with Elisabetta confirming the split, and asked for "privacy" in the wake of the break-up.
The pair said: "We are not together anymore. It's very difficult and very personal and we hope everyone can respect our privacy."
George and 32-year-old Elisabetta were seen just last week on a night out at the Il Gatto Nero restaurant in Lake Como, Italy, and she has previously revealed she hoped to marry - despite the 'Ocean's Eleven' star saying he never would again.
She said: "I am a firm believer in marriage, in the future I will be married, but for the time being I am happy as I am."
Discussing his opinion on marriage recently, George - who is currently filming a role in 'Gravity' alongside Sandra Bullock - said he had given it a chance.
He said: "I was married. I gave it a shot."