LOS ANGELES (AFP) - Academy award-winning duo Charlize Theron and Sean Penn have broken off their engagement and parted ways after a two-year relationship, United States media reported on Wednesday.

The couple was last seen together in May in Cannes, where Theron - who only recently referred to Penn as the love of her life - was promoting the premiere of her film Mad Max.

Theron, 39, decided to cut it off with Penn, 54, whom she started dating in 2013 after the two had known each other as friends for years, Us Weekly cited sources as saying.

They decided to split after they visit to the Cannes festival, it was reported.

In 2004, the pair shared a one-of-a-kind experience: they each took home a first Oscar, in her case for Monster, and in his for Mystic River.

Penn then won another Academy Award in 2009 for Milk.