The couple announced their plans to wed in March 2007, and welcomed a daughter, Valentina Paloma Pinault, several months later.

"We are sad to announce the engagement of Salma Hayek and Francois-Henri Pinault has been canceled," publicist Cari Ross said in a statement. "There will be no further comment."

Hayek, 41, has starred in films such as "Frida," "Spy Kids 3-D: Game Over" and "After the Sunset." She is one of the executive producers of ABC's "Ugly Betty" and the chief executive of Ventanazul, a production company she formed with Metro-Goldwyn-Mayer Inc.

Pinault is the chief executive officer of the luxury goods company PPR SA, which owns high-end labels such as Gucci, Yves Saint Laurent, Balenciaga and Puma.