The magazine claims the 39-year-old glamazon was the one who initiated the split from the Milk star after being together since December 2013.
They became engaged a year later. Penn, 54, previously divorced his second wife Robin Wright in 2010 and was married to the Queen of Pop, Madonna, in the late '80s. Charlize has yet to walk down the aisle but was in a decade-long relationship with actor Stuart Townsend.
Although it is unclear as to who or what lead to the demise of Charlize & Sean's relationship, the Oscar winning couple appeared completely enamored with each other during their last red carpet appearance together at the Life Ball AIDS gala in Vienna on May 17th.