The ‘Bodyguard’ actor is said to have been dumped by the 21-year-old actress in December after 18 months of dating following a series of arguments.
A source told The Sun on Sunday newspaper: "They’re both absolutely gutted but it was a decision made for the best.
"They were arguing almost daily towards the end and, despite considering couples’ therapy, it became evident there were far too many issues that could not be fixed."
The 32-year-old actor – who previously dated Jenna Coleman – has seen his career soar in recent months and it is believed the arguments with the ‘Les Miserables’ star were largely due to their different lifestyles.
The insider added: "Richard is the toast of Hollywood at the moment, and understandably wants to let his hair down.
"Ellie is a bit quieter, and wants to focus purely on her work. It felt like their day-to-day lives were increasingly becoming worlds apart.
"They were pretty inseparable from the day they met — and their friends and family had all merged — so obviously everyone around them is gutted too.
"But both Ellie and Richard hope to remain friends."
Ellie has previously admitted her career has put a "strain" on her relationships with her loved ones because she is often away for long periods of time.
She said recently: "Being away puts a strain on family and friends, but my best friends came [to the ‘Nutcracker and the Four Realms’ premiere in London] and, even though I hadn’t seen some of them in ages, we just picked up where we left off."