The model-turned-entrepreneur split up with the model since they began dating in February after meeting at Elton John's Oscars party but now, both stars want to concentrate on themselves.
Penna recently gave an interview claiming that he was planning a family with Price, who then announced that they had broken up and he has since returned to Argentina.
The couple have spent the last eight months using a translator to overcome the language barrier but it wasn't enough and they've since had a "heartfelt" and "frank" conversation about where they stand,
But Katie Price is believed to have dumped Leandro Penna because he wasn't satisfying her in bed.
Reports today claim the glamour model, 33, dumped the 25-year-old South American saying she was 'bored' because of the lack of sexual chemistry and they had 'nothing in common'.
Katie, who has had Leo's name tattooed on her ankle, has released a statement about the split as they said: “Leo has been fantastic but Kate felt she needed some time to herself and Leo was keen to focus on his career...
“Kate remains on good terms with Leo, there has been no falling out and there is no bitterness. “They are talking daily and plan to meet and talk further soon.”
Price has since been seen out on the town for her hairdresser Gary Cockerill's birthday at The Punchbowl before heading to Mahiki and The Playboy Club.
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