Actor Leonardo DiCaprio has reportedly broken up with his supermodel girlfriend Erin Heatherton because he is not ready to settle down.

The 37-year-old, who has previously romanced actress Blake Lively and a string of top models including Gisele Bundchen and Bar Refaeli, parted ways with the 23-year-old Heatherton last week after almost a year together because she wanted to take their relationship to the next level, reported New York Post.

"Erin wanted things to get more serious between them, but Leo is not ready to settle down. While it would seem amazing that he wouldn't want to settle down with one of the world's most beautiful women, Leo leads a charmed life," a source said.

The Shutter Island actor is currently filming The Wolf of Wall Street in Manhattan with Martin Scorcese.

DiCaprio had recently admitted he hasn't met the love of his life yet.